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xbrli:pureiso4217:USD485BPOS2012-12-31MAINSTAY VP FUNDS TRUST0000887340false2013-04-302013-05-01<div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Common Stock Portfolio</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 20pt; font-weight: bold;"><font size="4">MainStay VP Cornerstone Growth Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP DFA / DuPont Capital Emerging Markets Equity Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Eagle Small Cap Growth Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP ICAP Select Equity Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP International Equity Portfolio</font></div><div><b><font size="4">MainStay VP Large Cap Growth Portfolio</font></b></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Marketfield Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP PIMCO Real Return Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP T. Rowe Price Equity Income Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP MFS&#174; Utilities Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Janus Balanced Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Van Eck Global Hard Assets Portfolio</font></div><div><font size="4"><b>MainStay VP Convertible Portfolio</b></font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP U.S. Small Cap Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Unconstrained Bond Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Mid Cap Core Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP High Yield Corporate Bond Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Cash Management Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Balanced Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Floating Rate Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Government Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Conservative Allocation Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Bond Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font style="font-family: times new roman,times;" size="2">MainStay VP Growth Allocation Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Moderate Allocation Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Income Builder Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP Moderate Growth Allocation Portfolio</font></div><div style="color: #000000; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 20pt; font-weight: bold; text-align: left;"><font size="4">MainStay VP S&amp;P 500 Index Portfolio</font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div><font style="font-family: times new roman,times;" size="2"><b>Investment Objective</b></font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font size="2">Investment Objective</font></div><div><b>Investment Objective</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div><font style="font-family: times new roman,times;" size="2"><b>Investment Objective</b></font></div><div><font style="font-family: times new roman,times;"><b>Investment Objective</b></font></div><div><font size="2"><b>Investment Objective</b></font></div><div><b>Investment Objective</b></div><div><b>Investment Objective</b></div><div><b>Investment Objective</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div><b>Investment Objective</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Investment Objective</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Investment Objective</font></div><div><b>Investment Objective</b></div><div><b>Investment Objective</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Investment Objective</font></div><div><b>Investment Objective</b></div><div><font size="2"><b><font style="font-family: times new roman,times;">Investment Objective</font></b></font></div><div style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-align: left; text-indent: 2.9pt;"><font style="font-family: times new roman,times;" size="2">Investment Objective</font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;">Investment Objective</font></div><div><font size="2"><b><font style="font-family: times new roman,times;">Investment Objective</font></b></font></div><div><b><font style="font-family: times new roman,times;" size="2">Investment Objective</font></b></div><div><b>Investment Objective</b></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term growth of capital.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term growth of capital.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term capital appreciation.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term capital appreciation.</p><div>The Portfolio seeks total return.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term growth of capital.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term growth of capital.</p><div>The Portfolio seeks capital appreciation.</div><div>The Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management.</div><div><font size="2">The Portfolio seeks substantial dividend income as well as long-term growth of capital through investments in the common stocks of established companies.</font></div><div><font style="font-family: times new roman,times;">The Portfolio seeks total return.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term capital growth, consistent with preservation of capital and balanced current income.</p><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term capital appreciation by investing primarily in hard asset securities.</div><div>The Portfolio seeks capital appreciation together with current income.</div><div>The Portfolio seeks long-term capital appreciation by investing primarily in securities of small-cap companies.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks total return by investing primarily in domestic and foreign debt securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks long-term growth of capital.</p><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio seeks maximum current income through investment in a diversified portfolio of high-yield debt securities.</font></div><div><font size="2">The Portfolio seeks a high level of current income while preserving capital and maintaining liquidity.</font></div><div>The Portfolio seeks total return.</div><div>The Portfolio seeks high current income.</div><div><font style="font-family: times new roman,times;" size="2">The Portfolio seeks current income.</font></div><div>The Portfolio seeks current income</div><div>The Portfolio seeks total return.</div><div style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio seeks long-term growth of capital.</font></div><div><font style="font-family: times new roman,times;" size="2">The Portfolio seeks long-term growth of capital and,</font></div><div><font style="font-family: times new roman,times;" size="2">The Portfolio seeks current income consistent with reasonable opportunity for future growth of capital and income.</font></div><div><font style="font-family: times new roman,times;" size="2">The Portfolio seeks long-term growth of capital and,</font></div><div><font style="font-family: times new roman,times;">The Portfolio seeks investment results that correspond to the total return performance (reflecting reinvestment of dividends) of common stocks in the aggregate as represented by the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>Index.</font></div><div>Income is a secondary consideration</div><div><font style="font-family: times new roman,times;" size="2">Capital appreciation is a secondary objective</font></div><div>and, secondarily, long-term growth of capital</div><div><font size="2">secondarily, current income.</font></div><div><font style="font-family: times new roman,times;" size="2">secondarily, current income.</font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font size="2">Fees and Expenses of the Portfolio</font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div><b>Fees and Expenses of the Portfolio</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div><font style="font-family: times new roman,times;" size="2"><b>Fees and Expenses of the Portfolio</b></font></div><div><b>Fees and Expenses of the Portfolio</b></div><div><font size="2"><b>Fees and Expenses of the Portfolio</b></font></div><div><b>Fees and Expenses of the Portfolio</b></div><div><b>Fees and Expenses of the Portfolio</b></div><div><b>Fees and Expenses of the Portfolio</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div><b>Fees and Expenses of the Portfolio</b></div><div><b>Fees and Expenses of the Portfolio</b></div><div><b>Fees and Expenses of the Portfolio</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div><b>Fees and Expenses of the Portfolio</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Fees and Expenses of the Portfolio</div><div style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-align: left; text-indent: 2.9pt;"><font style="font-family: times new roman,times;" size="2">Fees and Expenses of the Portfolio</font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;">Fees and Expenses of the Portfolio</font></div><div><font size="2"><b>Fees and Expenses of the Portfolio</b></font></div><div><b><font style="font-family: times new roman,times;" size="2">Fees and Expenses of the Portfolio</font></b></div><div><b><font style="font-family: times new roman,times;">Fees and Expenses of the Portfolio</font></b></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><div><font style="font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div><font style="font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div><font style="font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div><font style="font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div><font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div><font style="font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div>The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</div><div><font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div><font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</p><div><font style="font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table and the example do not include any separate account or policy fees or sales charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.</font></div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleShareholderFeesVPModerateGrowthAllocationPortfolio column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009442Member column dei_LegalEntityAxis compact cik0000887340_S000009442Member row primary compact * ~ </div><p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><b>Annual Portfolio Operating Expenses </b>(fees paid directly from your investment)</p><div><font style="font-family: times new roman,times;" size="2"><b>Annual Portfolio Operating Expenses</b> (fees paid directly from your investment)</font></div><div><font style="font-family: times new roman,times;" size="2"><b>Annual Portfolio Operating Expenses</b> (fees paid directly from your 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style="vertical-align: bottom;"></td></tr></table><div>&#160;</div><div><font style="font-family: times new roman,times;" size="2"><b>Annual Portfolio Operating Expenses</b> (fees paid directly from your investment)</font></div><div><b>Annual Portfolio Operating Expenses</b> (fees paid directly from your investment)</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;">Annual Portfolio Operating Expenses (fees paid directly from your investment)</div><div style="margin: 0in 0in 10pt;" class="msonormal"><font style="font-family: arial,helvetica,sans-serif; ; font-family: times new roman,times;" size="2"><b style="mso-bidi-font-weight: normal;">Annual Portfolio Operating Expenses</b> (fees paid directly from your investment)</font></div><div><font style="font-family: times new roman,times;" size="2"><strong>Annual Portfolio Operating Expenses </strong>(fees paid directly from your investment)</font></div><div><b>Annual 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http://www.mainstayinvestments.com/role/ScheduleAnnualFundOperatingExpensesVPSP500IndexPortfolio column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009443Member column dei_LegalEntityAxis compact cik0000887340_S000009443Member row primary compact * ~ </div><div><b><font style="font-family: times new roman,times;">Example</font></b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div><b>Example</b></div><div><b><font style="font-family: times new roman,times;" size="2">Example</font></b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div><b><font size="2">Example</font></b></div><div><b>Example</b></div><div><b>Example</b></div><div><font style="font-family: times new roman,times;" size="2"><b>Example</b></font></div><div><b>Example</b></div><div><b>Example</b></div><div><b>Example</b></div><div><b>Example</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div><b>Example</b></div><div><b>Example</b></div><div><font size="2"><b><font style="font-family: times new roman,times;">Example</font></b></font></div><div><b>Example</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><b>Example</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Example</div><div><b><font size="2">Example</font></b></div><div><b>Example</b></div><div><b>Example</b></div><div><b><font style="font-family: times new roman,times;" size="2">Example</font></b></div><div><b>Example</b></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. </font></div><div><font style="font-family: times new roman,times;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div><font size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div><font size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div>The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same.</font></div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:<div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div><font style="font-family: times new roman,times;" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div><div>Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleExpenseExampleVPCommonStockPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009436Member column dei_LegalEntityAxis compact cik0000887340_S000009436Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleExpenseExampleVPCornerstoneGrowthPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009425Member column dei_LegalEntityAxis compact cik0000887340_S000009425Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleExpenseExampleMainStayVPDFADuPontCapitalEmergingMarketsEquityPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000033925Member column dei_LegalEntityAxis compact cik0000887340_S000033925Member row primary compact * ~ 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http://www.mainstayinvestments.com/role/ScheduleExpenseExampleVPModerateGrowthAllocationPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009442Member column dei_LegalEntityAxis compact cik0000887340_S000009442Member row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleExpenseExampleVPSP500IndexPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009443Member column dei_LegalEntityAxis compact cik0000887340_S000009443Member row primary compact * ~ </div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div><font size="2"><b>Portfolio Turnover</b></font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div><font style="font-family: times new roman,times;" size="2"><b>Portfolio Turnover</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Portfolio Turnover</b></font></div><div><b>Portfolio Turnover</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Portfolio Turnover</font></div><div><b>Portfolio Turnover</b></div><div><b>Portfolio Turnover</b></div><div><b>Portfolio Turnover</b></div><div><b>Portfolio Turnover</b></div><div><b>Portfolio Turnover</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div><b>Portfolio Turnover</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div><b>Portfolio Turnover</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Portfolio Turnover</div><div><b><font size="2">Portfolio Turnover</font></b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><b><font style="font-family: times new roman,times;">Portfolio Turnover</font></b></div><div><b>Portfolio Turnover</b></div><div><b><font style="font-family: times new roman,times;" size="2">Portfolio Turnover</font></b></div><div><b><font style="font-family: times new roman,times;">Portfolio Turnover</font></b></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 132% of the average value of its portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 42% of the average value of its portfolio.</p><div style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 81% of the average value of its portfolio.</div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 78% of the average value of its portfolio.</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 60% of the average value of its portfolio.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 42% of the average value of its portfolio.</p><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 69% of the average value of its portfolio.</font></div><div><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. Because the Portfolio has been in operation for less than one full calendar year, the Portfolio&#8217;s portfolio turnover rate for the most recent fiscal year is not available.</font></div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 44% of the average value of its portfolio.</div><div><font size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 15% of the average value of its portfolio.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 43% of the average value of its portfolio.</p><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 63% of the average value of its portfolio.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 24% of the average value of its portfolio.</p><div><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 69% of the average value of its portfolio.</font></div><div><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 32% of the average value of its portfolio.</font></div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 39% of the average value of its portfolio.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 186% of the average value of its portfolio.</p><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 30% of the average value of its portfolio.</font></div><div><font size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 202% of the average value of its portfolio.</font></div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 47% of the average value of its portfolio.</div><div><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 40% of the average value of its portfolio.</font></div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 53% of the average value of its portfolio.</div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 311% of the average value of its portfolio.</div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 42% of the average value of its portfolio.</div><div><font size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 55% of the average value of its portfolio.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 34% of the average value of its portfolio.</font></div><div><font style="font-family: times new roman,times;" size="2">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 52% of the average value of its portfolio.</font></div><div>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 10% of the average value of its portfolio.</div><div><b>Principal Investment Strategies</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><b>Principal Investment Strategies</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Investment Strategies</b></font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Investment Strategies</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Investment Strategies</b></font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><b>Principal Investment Strategies</b></div><div><b>Principal Investment Strategies</b></div><div><b>Principal Investment Strategies</b></div><div><b>Principal Investment Strategies</b></div><div><b>Principal Investment Strategies</b></div><div><b>Principal Investment Strategies</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><b>Principal Investment Strategies</b></div><div><b>Principal Investment Strategies</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><b>Principal Investment Strategies</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Investment Strategies</div><div><b><font size="2">Principal Investment Strategies</font></b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;">Principal Investment Strategies</font></div><div><font size="2"><b>Principal Investment Strategies</b></font></div><div><b><font style="font-family: times new roman,times;" size="2">Principal Investment Strategies</font></b></div><div><font style="font-family: times new roman,times;">Principal Investment Strategies</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in common stocks. The Portfolio primarily invests in common stocks of U.S. companies with market capitalizations that, at the time of investment, are similar to companies in the Standard &amp; Poor's 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index ("S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index&#8221;) (which ranged from $1.6 billion to $500.4 billion as of December 31, 2012) and the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index (which ranged from $296.4 million to $500.4 billion as of December 31, 2012).</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> The Portfolio seeks to construct a broadly-diversified portfolio across sectors and industries using quantitative analysis to identify undervalued and overvalued securities. Using an objective, disciplined and broadly-applied process, Cornerstone Capital Management Holdings LLC, the Portfolio&#8217;s Subadvisor, selects securities that it believes have the most potential to appreciate, while seeking to limit exposure to risk. The Subadvisor seeks to control the Portfolio's exposure to risk by diversifying the Portfolio's portfolio over a large number of securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">In unusual market conditions, the Portfolio may invest all or a portion of its assets in investment grade notes and bonds, cash and cash equivalents.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio, if better opportunities are identified, or if it determines the initial investment expectations are not being met.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-style: normal; font-family: sans-serif; font-weight: normal;">The Portfolio invests primarily in equity securities of U.S. companies, the prospective earnings growth of which, in the opinion of Cornerstone Capital Management LLC, the Portfolio&#8217;s Subadvisor, is not fully appreciated by the market or reflected in current market valuations. The Subadvisor also looks for companies it believes have strong management, superior industry positions, excellent balance sheets and superior earnings growth potential. U.S. companies are companies organized in the U.S. that trade primarily on U.S. securities markets. The Portfolio may also invest in foreign companies. Generally, foreign companies are companies organized outside the U.S. that trade primarily in non-U.S. securities markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Under normal circumstances, the Portfolio will invest at least 80% of its assets in common stocks of large-capitalization growth companies. Large-capitalization growth companies are those that, at the time of investment, have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Growth Index (which ranged from $296.4 million to $500.4 billion as of December 31, 2012). The Portfolio generally will invest in common stocks of companies with market capitalizations of at least $3 billion at the time of purchase.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process</font>. Normally, the Portfolio holds between 35 and 55 securities. The 25 most highly regarded of these companies, in the Subadvisor&#8217;s opinion, usually constitute approximately 70% or more of the Portfolio&#8217;s net assets. Notwithstanding this focus, the Portfolio has no policy to concentrate in securities of issuers in a particular industry or group of industries. Although the Portfolio does not have a policy to concentrate its investments in any one industry, a large portion of its assets has historically been in technology companies which the Subadvisor believes offer strong growth potential.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">During market declines, while adding to positions in favored stocks, the Portfolio becomes somewhat more aggressive, gradually reducing the number of companies represented in its portfolio. Conversely, in rising markets, while reducing or eliminating fully valued positions, the Portfolio becomes somewhat more conservative, gradually increasing the number of companies represented in its portfolio. Through this process, the Subadvisor tends to add to positions on price weakness and sell into price strength, all else being equal and assuming long-term company fundamentals are intact. Risk is therefore increased during periods of weakness and reduced during periods of strength. The Subadvisor uses this active management strategy to attempt to add incremental performance while seeking to mitigate risk by utilizing a buy low, sell high discipline.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity and equity-related securities, including preferred stock, of companies located in or associated with emerging market countries. The Portfolio may also invest in exchange-traded funds.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio utilizes two Subadvisors, Dimensional Fund Advisors LP ("DFA") and DuPont Capital Management Corporation ("DuPont Capital"), with investment processes and styles that New York Life Investment Management LLC, the Portfolio's Manager, believes are complementary. Each Subadvisor is responsible for managing a portion of the Portfolio's assets, as designated by the Manager from time to time.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">DFA Investment Process:</font><font style="font-family: helveticaneue-bolditalic; font-weight: bold;">&#160;</font>DFA believes that equity investing should involve a long-term view and a systematic focus on sources of expected returns, not on stock picking or market timing. In constructing an investment portfolio, DFA identifies a broadly diversified universe of eligible securities with precisely-defined risk and return characteristics. It then places priority on efficiently managing portfolio turnover and keeping trading costs low. In general, DFA does not intend to purchase or sell securities for the investment portfolio based on prospects for the economy, the securities markets or the individual issuers whose shares are eligible for purchase.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">DFA may use derivatives such as forward currency exchange contracts to facilitate the settlement of equity trades or to transfer balances from one currency to another currency, including to repatriate currency to U.S. dollars. DFA may also use futures contracts and options on futures contracts, to gain market exposure on the Portfolio's uninvested cash pending investment in securities or to maintain liquidity to pay redemptions.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">DuPont Capital Investment Process:</font><font style="font-family: helveticaneue-bolditalic; font-weight: bold;">&#160;</font>DuPont Capital seeks to identify emerging market companies trading at a significant discount relative to such companies' estimated normalized earnings potential by using in-depth fundamental analysis combined with top down country risk assessment. DuPont Capital attempts to build a portfolio with a long-term investment horizon that it believes will achieve excess returns with below average risk, relative to the broader emerging market equity universe.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2">DuPont Capital may sell a security when it believes the security is approaching full valuation, changing circumstances affect the original reasons for its purchase or more attractive opportunities are identified.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in small capitalization companies. For purposes of the Portfolio, small-capitalization companies are generally those that have market capitalizations no larger than the largest capitalized company included in the Russell 2000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Growth Index at the time of the Portfolio's investment (approximately $4.7 billion as of December 31, 2012).</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">When making its investment decisions, Eagle Asset Management, Inc., the Portfolio's Subadvisor, generally focuses on investing in the securities of companies that the Subadvisor believes have accelerating earnings growth rates, reasonable valuations (typically with a price-to-earnings ratio of no more than the earnings growth rate), strong management that participates in the ownership of the company, reasonable debt levels and/or a high or expanding return on equity. The Subadvisor utilizes a "bottom up" approach to identifying companies in which it invests and performs proprietary investment research. A bottom-up method of analysis de-emphasizes the significance of economic and market cycles. The primary focus is on the individual companies rather than the industry in which that company operates or the economy as a whole. The Portfolio will sell securities when they no longer meet the Subadvisor's investment criteria.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio invests primarily in U.S. dollar-denominated equity securities of U.S. and foreign companies with market capitalizations (at the time of investment) of at least $3 billion. The Portfolio seeks to achieve a total return greater than the Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Value Index over longer periods of time and indices comprised of value-oriented stocks over shorter periods of time.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio will typically hold between 25 and 30 securities. Under normal circumstances, the Portfolio will invest at least 80% of its assets (net assets plus borrowings for investment purposes) in common stocks and other equity securities. Other equity securities may include American Depositary Receipts, warrants, real estate investment trusts ("REITs"), preferred stocks and other securities convertible or exchangeable into common stock.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font>&#160;Institutional Capital LLC's ("ICAP" or "Subadvisor") investment process involves the following key components: Identify Best Values &#8211; ICAP identifies stocks that it believes offer the best values and seeks to avoid companies that are exhibiting excessive deterioration in earnings trends. ICAP also considers the dividend yield as a component of total returns when evaluating the attractiveness of a security; Identify Catalysts &#8211; ICAP focuses on what it believes the key investment variables (catalysts) are that could potentially impact the security's market value. These catalysts are primarily company-specific, such as a new product, restructuring or a change in management, but occasionally the catalyst can be thematic - dependent on macroeconomic or industry trends; Portfolio Construction &#8211; After a review of stock recommendations, ICAP's portfolio management team determines whether or not to add the stock to the portfolio or to monitor it for future purchase.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">ICAP continuously monitors each security and evaluates whether to eliminate it when its price target is achieved, the catalyst becomes inoperative or another stock offers a greater opportunity.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio invests in those companies that meet the quality and valuation criteria of Cornerstone Capital Management Holdings LLC, the Portfolio's Subadvisor.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of issuers, wherever organized, which operate mainly outside the U.S. The Portfolio invests in securities of companies which conduct business in a variety of countries, with a minimum of five countries other than the U.S. This includes countries with established economies as well as emerging market countries that the Subadvisor believes present favorable opportunities. The Portfolio may also invest in exchange traded funds ("ETFs").</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-style: normal; font-family: sans-serif; font-weight: bold;">Investment Process</font>: The Subadvisor seeks to identify investment opportunities through &#8220;bottom-up&#8221; analysis and fundamental research. The Subadvisor performs research to identify reasonably priced companies with competitive market advantages that it believes are able to benefit from long-term market trends and that the Subadvisor believes are able to sustainably grow earnings over time regardless of economic climate. Allocations to countries and industries are also a result of the "bottom-up" stock selection process and, as a result, may deviate from the country and industry weightings in the benchmark. The Portfolio may not perform as well as its peers or benchmark during periods when the stock market favors the securities of businesses with low-quality earnings.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Generally, the Portfolio seeks to limit its investments in securities of: (i) any one company; (ii) companies in the same industry; (iii) companies located in any one country; and (iv) companies located in emerging markets (currently limited to 15% of the Portfolio&#8217;s assets measured at the time of investment).</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Subadvisor may evaluate, among other things, whether the security has approached full valuation, if the investment thesis is invalidated, if superior opportunities to redeploy exist or emerge, or if industry group or country weights or individual positions need to be adjusted.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">Under normal circumstances, the Portfolio invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization companies, which are companies having a market capitalization in excess of $4 billion at the time of purchase. Typically, Winslow Capital Management, LLC, the Portfolio's Subadvisor, invests substantially all of the Portfolio's investable assets in domestic securities. However, the Portfolio is permitted to invest up to 20% of its net assets in foreign securities, which are generally securities issued by companies organized outside the U.S. and traded primarily in markets outside the U.S.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font>&#160;The Portfolio invests in those companies that the Subadvisor believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund) over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average future earnings growth with management focused on shareholder value.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">When purchasing stocks for the Portfolio, the Subadvisor looks for companies typically having some or all of the following attributes: addressing markets with growth opportunities; favorable market share; identifiable and sustainable competitive advantages; a management team that can perpetuate the firm's competitive advantages; and, attractive, and preferably rising, returns on invested capital.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Subadvisor takes a "bottom-up" investment approach when selecting investments. This means it bases investment decisions on company specific factors, not general economic conditions.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">Under normal market conditions, the Subadvisor employs a sell discipline pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued, the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">To achieve the Portfolio&#8217;s investment objective, Marketfield Asset Management LLC, the Portfolio&#8217;s Subadvisor, will allocate the Portfolio&#8217;s assets among investments in equity securities, fixed-income securities and other investment companies, including exchange traded funds (&#8220;ETFs&#8221;), in proportions consistent with the Subadvisor&#8217;s evaluation of their expected risks and returns.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio&#8217;s equity securities investments may include common and preferred stocks of United States companies of any size. The Portfolio may invest up to 50% of its net assets in equity securities of foreign companies of any size, including up to 35% of its net assets in securities issued by corporations or governments located in developing or emerging markets. The Portfolio&#8217;s investments in foreign securities may include, but are not limited to, American Depositary Receipts (&#8220;ADRs&#8221;), European Depositary Receipts (&#8220;EDRs&#8221;) and Global Depositary Receipts (&#8220;GDRs&#8221;). Also, with respect to 50% of the Portfolio&#8217;s net assets, the Portfolio may engage in short sales of securities to profit from an anticipated decline in the price of the securities sold short.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Under normal market conditions, the Portfolio&#8217;s investments in fixed-income securities consist of investment grade corporate bonds and debentures, mortgage-backed and asset-backed securities, United States Treasury obligations, municipal securities, obligations issued by the U.S. Government and its agencies or instrumentalities and convertible securities. However, the Portfolio may invest up to 30% of its net assets in fixed income securities that are below investment grade. Below investment grade securities are generally securities that receive low ratings from independent rating agencies, such as rated lower than BBB- by Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) and Baa3 by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;), or if unrated, are determined to be of equivalent quality by the Subadvisor. If independent rating agencies assign different ratings to the same security, the Portfolio will use the higher rating for purposes of determining the security&#8217;s credit quality. Securities that are rated below investment grade by an independent rating agency are commonly referred to as &#8220;high yield debt&#8221; or &#8220;junk bonds.&#8221; The fixed-income securities in which the Portfolio invests may have maturities of any length and may have variable and floating interest rates. The Portfolio may also invest in zero-coupon bonds, without limitation.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">In addition, the Portfolio may invest up to 50% of its net assets in equity or fixed-income options, futures contracts and convertible securities and may invest up to 30% of its net assets in swap agreements. The Subadvisor shall manage the Portfolio so that the Portfolio will not be deemed to be a &#8220;commodity pool operator&#8221; under the Commodity Exchange Act.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process</font>. When reviewing investment opportunities for the Portfolio, the Subadvisor considers various factors, including macroeconomic conditions, corporate earnings at a macroeconomic level, anticipated inflation and interest rates, consumer risk and its perception of the outlook of the capital markets as a whole. A macroeconomic strategy focuses on broad trends and is generally distinguished from a strategy that focuses on the prospects of particular companies or issuers. The Subadvisor may allocate the Portfolio&#8217;s investments between equity and fixed-income securities at its discretion, without limitation.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Security selection for the Portfolio is driven by the Subadvisor&#8217;s top-down analysis of economic issues, the Subadvisor&#8217;s perception of investor sentiment and investment flows. Once the Subadvisor has identified a theme that is expected to either benefit or disadvantage a specific sector or country, it seeks to implement an investment strategy that is appropriate for the Portfolio. In some cases, the Subadvisor may utilize a sector- or country-specific ETF that offers exposure to a broad range of securities. In other situations, the Subadvisor may select a single issue that is perceived by the Subadvisor to be particularly germane to a specific concern or a small group of issues with characteristics that match the goal of creating portfolio exposure to a macroeconomic theme.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio or when the security is deemed less attractive relative to another security on a return/risk basis. The Subadvisor may also sell or reduce a position in a security if it sees the investment theme failing to materialize.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio, under normal circumstances, invests at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in inflation indexed bonds may be invested in other types of Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non- U.S. public- or private-sector entities. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as the inflation measure. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. "Real return" equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. Effective duration takes into account that for certain bonds expected cash flows will fluctuate as interest rates change and is defined in nominal yield terms, which is market convention for most bond investors and managers. Because the market convention for bonds is to use nominal yields to measure duration, duration for real return bonds, which are based on real yields, are converted to nominal durations through a conversion factor. The resulting nominal duration typically can range from 20% to 90% of the respective real duration. All security holdings will be measured in effective (nominal) duration terms. Similarly, the effective duration of the Barclays U.S. TIPS Index will be calculated using the same conversion factors. The effective duration of this Portfolio normally varies within three years (plus or minus) of the effective duration of the Barclays U.S. TIPS Index, as calculated by Pacific Investment Management Company LLC, the Portfolio's Subadvisor, which as of December 31, 2012 was 5.6 years.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Services, Inc., or equivalently rated by Standard &amp; Poor's Rating Services or Fitch Inc., or, if unrated, determined by the Subadvisor, to be of comparable quality. The Portfolio may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. The Portfolio also may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The Portfolio will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Portfolio is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified Fund.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities, subject to applicable law and any other restrictions described in the Portfolio's Prospectus or Statement of Additional Information. The Portfolio may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Portfolio may also invest up to 10% of its total assets in preferred stocks.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio, under normal circumstances, will invest at least 80% of its assets (net assets plus any borrowings for investment purposes) in common stocks, with 65% in the common stocks of well-established companies paying above-average dividends.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">T. Rowe Price Associates, Inc., the Portfolio's Subadvisor, typically employs a "value" approach in selecting investments. The Subadvisor's in-house research team seeks companies that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">In selecting investments, the Subadvisor generally looks for companies in the aggregate with one or more of the following:</p><p style="text-align: left; font-style: normal; text-indent: -18pt; font-family: sans-serif; margin-left: 36pt; font-size: 10pt; font-weight: normal;"><font style="font-family: symbol; font-weight: normal;">&#183;</font><font style="font-family: symbol; font-weight: normal;"><font style="word-spacing: 10pt;">&#160;</font></font>an established operating history;</p><p style="text-align: left; font-style: normal; text-indent: -18pt; font-family: sans-serif; margin-left: 36pt; font-size: 10pt; font-weight: normal;"><font style="font-family: symbol; font-weight: normal;">&#183;</font><font style="font-family: symbol; font-weight: normal;"><font style="word-spacing: 10pt;">&#160;</font></font>above-average dividend yield relative to the S&amp;P 500 Index;</p><p style="text-align: left; font-style: normal; text-indent: -18pt; font-family: sans-serif; margin-left: 36pt; font-size: 10pt; font-weight: normal;"><font style="font-family: symbol; font-weight: normal;">&#183;</font><font style="font-family: symbol; font-weight: normal;"><font style="word-spacing: 10pt;">&#160;</font></font>a low price/earnings ratio relative to the S&amp;P 500 Index;</p><p style="text-align: left; font-style: normal; text-indent: -18pt; font-family: sans-serif; margin-left: 36pt; font-size: 10pt; font-weight: normal;"><font style="font-family: symbol; font-weight: normal;">&#183;</font><font style="font-family: symbol; font-weight: normal;"><font style="word-spacing: 10pt;">&#160;</font></font>a sound balance sheet and other positive financial characteristics; and</p><p style="text-align: left; font-style: normal; text-indent: -18pt; font-family: sans-serif; margin-left: 36pt; font-size: 10pt; font-weight: normal;"><font style="font-family: symbol; font-weight: normal;">&#183;</font><font style="font-family: symbol; font-weight: normal;"><font style="word-spacing: 10pt;">&#160;</font></font>a low stock price relative to a company's underlying value as measured by assets, cash flow, or business franchises.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Under normal market conditions, substantial dividend income means that the yield on the Portfolio's securities generally exceeds the yield on the Portfolio's benchmark. In pursuing its investment objective, the Portfolio has the discretion to deviate from its normal investment criteria, as previously described, and purchase securities that the Subadvisor believes will provide an opportunity for substantial appreciation.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">These situations might arise when the Subadvisor believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">While most assets will typically be invested in U.S. common stocks, the Portfolio may invest in foreign stocks in keeping with the Portfolio's objectives.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowing for investment purposes) in securities of issuers in the utilities group of industries. Massachusetts Financial Services Company, the Portfolio's Subadvisor, considers a company to be in the utilities group of industries if, at the time of investment, the Subadvisor determines that a substantial portion (i.e., at least 50%) of the company's assets or revenues are derived from one or more utilities. Issuers in the utilities industries include issuers engaged in the manufacture, production, generation, transmission, sale or distribution of electric, gas or other types of energy, water or other sanitary services; and issuers engaged in telecommunications, including telephone, cellular telephone, satellite, microwave, cable television, and other communications media (but not engaged in public broadcasting).</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor primarily invests the Portfolio's assets in equity securities, but may also invest in debt instruments, including less than investment grade quality debt instruments (commonly referred to as &#8220;high yield securities&#8221; or &#8220;junk bonds&#8221;). Equity securities include common stocks, preferred stocks, securities convertible into stocks, and depositary receipts for such securities. Debt instruments include corporate bonds.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may invest the Portfolio's assets in companies of any size.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may invest the Portfolio's assets in U.S. and foreign securities, including emerging market securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">While the Subadvisor may use derivatives for any investment purpose, to the extent the Subadvisor uses derivatives, the Subadvisor expects to use derivatives primarily to increase or decrease currency exposure. Derivatives include futures, forward contracts, options, structured securities, inverse floating rate instruments, and swaps.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor uses a "bottom-up" investment approach to buying and selling investments for the Portfolio. Investments are selected primarily based on fundamental analysis of individual issuers and/or instruments in light of the issuer's financial condition and market, economic, political, and regulatory conditions. Factors considered for equity securities may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. Factors considered for debt instruments may include the instrument's credit quality, collateral characteristics and indenture provisions and the issuer's management ability, capital structure, leverage, and ability to meet its current obligations. Quantitative models that systematically evaluate the valuation, price and earnings momentum, earnings quality, and other factors of the issuer of an equity security or the structure of a debt instrument may also be considered.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio pursues its investment objective by normally investing 35-65% of its assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The Portfolio normally invests at least 25% of its assets in fixed-income securities. Fixed-income securities may include corporate debt securities, U.S. government obligations, mortgage-backed securities and other mortgage-related products, and short-term securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">In choosing investments for the Portfolio, Janus Capital Management LLC, the Portfolio's Subadvisor, applies a "bottom up" approach with one portfolio manager focusing on the equity portion of the Portfolio and the other portfolio manager focusing on the fixed-income portion of the Portfolio. In other words, the portfolio managers look at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio's investment policies. The portfolio managers may also consider economic factors, such as the effect of interest rates on certain of the Portfolio&#8217;s fixed-income investments. The portfolio managers share day-to-day responsibility for the Portfolio's investments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may invest in foreign equity and debt securities, which may include investments in emerging markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowing for investment purposes) in securities of "hard asset" companies and instruments that derive their value from "hard assets." Hard assets include precious metals (including gold), base and industrial metals, energy, natural resources and other commodities. A hard assets company is a company that derives directly or indirectly, at least 50% of its revenues from exploration, development, production, distribution or facilitation of processes relating to hard assets. The Portfolio concentrates its investments in the securities of hard assets companies and instruments that derive their value from hard assets. The Portfolio is considered to be "non-diversified," which means that it may invest in fewer securities than a "diversified" Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may invest without limitation in any one hard asset sector and is not required to invest any portion of its assets in any one hard asset sector. The Portfolio may invest in securities of companies located anywhere in the world, including the U.S. Under normal circumstances, the Portfolio will invest in securities of issuers from a number of different countries, and may invest any amount of its assets in emerging markets. The Portfolio may invest in securities of companies of any capitalization range.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Utilizing qualitative and quantitative measures, the investment management team of Van Eck Associates Corporation, the Portfolio's Subadvisor, selects equity securities of companies that it believes represent value opportunities and/or that have growth potential. Candidates for the Portfolio's portfolio are evaluated based on their relative desirability using a wide range of criteria and are regularly reviewed to ensure that they continue to offer absolute and relative desirability.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may use derivative instruments, such as structured notes, futures, options and swap agreements, to gain or hedge exposure to hard assets, hard asset companies and other assets. The Portfolio may enter into foreign currency transactions to attempt to moderate the effect of currency fluctuations. The Portfolio may write covered call options on portfolio securities to the extent that the value of all securities with respect to which covered calls are written does not exceed 10% of the Portfolio's net asset value.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may also invest in exchange-traded funds ("ETFs") and money market funds, subject to applicable law and any other restrictions described in the Prospectus or the Portfolio&#8217;s Statement of Additional Information. The Portfolio may invest in ETFs to participate in, or gain rapid exposure to, certain market sectors, or when direct investments in certain countries are not permitted.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in "convertible securities" such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities. The balance of the Portfolio may be invested or held in non-convertible debt, equity securities that do not pay regular dividends, U.S. government securities, and cash or cash equivalents.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> The Portfolio takes a flexible approach by investing in a broad range of securities of a variety of companies and industries. The Portfolio invests in investment grade and below investment grade debt securities. Below investment grade securities are generally securities that receive low ratings from an independent rating agency, such as rated lower than BBB- by Standard &amp; Poor's ("S&amp;P") and Baa3 by Moody's Investors Service, Inc. ("Moody's"), or if unrated, are determined to be of equivalent quality by MacKay Shields LLC, the Portfolio's Subadvisor. Some securities that are rated below investment grade by independent rating agencies are commonly referred to as "junk bonds." The Subadvisor may also invest without restriction in securities with lower ratings from an independent rating agency, such as within the rating category of BB or B by S&amp;P or Ba or B by Moody's. If independent rating agencies assign different ratings to the same security, the Portfolio will use the lower rating for purposes of determining the security's credit quality.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">In selecting convertible securities for purchase or sale, the Subadvisor takes into account a variety of investment considerations, including the potential return of the common stock into which the convertible security is convertible, credit risk, projected interest return, and the premium for the convertible security relative to the underlying common stock.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may also invest in "synthetic" convertible securities, which are derivative positions composed of two or more securities whose investment characteristics, taken together, resemble those of traditional convertible securities. Unlike traditional convertible securities whose conversion values are based on the common stock of the issuer of the convertible security, "synthetic" and "exchangeable" convertible securities&#160;are preferred stocks or debt obligations of an issuer which are structured with an embedded equity component whose conversion value is based on the value of the common stocks of one or more different issuers or a particular benchmark (which may include indices, baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a company whose stock is not yet publicly traded). The value of a synthetic convertible is the sum of the values of its preferred stock or debt obligation component and its convertible component.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may invest in foreign securities, which are securities issued by companies organized outside the U.S. and traded primarily in markets outside the U.S.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy, meaningful changes in the issuer's financial condition, changes in credit risk, and changes in projected interest return.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of U.S. companies with market capitalizations at the time of investment of $3.5 billion or less, which include common stocks, securities convertible into common stock, and exchange traded funds ("ETFs") whose underlying securities are issued by small capitalization companies. The Portfolio may also invest in mid-cap stocks. Securities of U.S. companies are those traded primarily in the U.S. securities markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> Epoch Investment Partners, Inc., the Portfolio's Subadvisor, invests primarily in companies that generate increasing levels of free cash flow and have managements that use it to create returns for shareholders.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. The Subadvisor seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or when the security is deemed less attractive relative to another security on a return/risk basis. The Subadvisor may sell or reduce a position in a security if it sees the investment thesis failing to materialize.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks to achieve its investment objective through a flexible investment process that allocates investments across the global fixed-income markets. The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible bonds; and variable or floating rate debt securities. The Portfolio may invest in both investment grade and non-investment grade fixed-income securities. The securities may be denominated in U.S. or foreign currencies, and may have fixed, variable, floating or inverse floating rates of interest. The Portfolio may invest without limitation in securities of foreign issuers, including emerging markets. The currency exposure of non-U.S. investments may or may not be hedged. The Portfolio may invest up to 15% of its net assets in equity securities.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio intends to utilize various investment strategies in a broad array of fixed-income sectors to achieve its investment objective. The Portfolio will not be constrained by portfolio management relative to an index. Because an unconstrained bond portfolio does not track a fixed-income index, its performance may vary at times and demonstrate low correlation to traditional fixed-income indices. In pursuing its investment objective, the Portfolio&#8217;s investment strategy is subject to market risk and shares may gain or lose value.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The average portfolio duration of the Portfolio will normally vary from 0 to 7 years. Duration is a measure used to determine the sensitivity of a security&#8217;s price to changes in interest rates. The longer a security&#8217;s duration, the more sensitive it will be to changes in interest rates.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may invest in derivatives, such as futures, options, forward commitments and swap agreements to try to enhance returns or reduce the risk of loss by hedging certain of its holdings or manage duration. The Portfolio may invest up to 15% of its total assets in swaps.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Portfolio's short positions, either direct short positions or through derivative transactions, such as credit default swaps or total return swaps, may aggregate up to 20% of the Portfolio&#8217;s net assets. The Portfolio may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> MacKay Shields LLC, the Portfolio&#8217;s Subadvisor, seeks to identify investment opportunities through an investment process focused on macroeconomic analysis and bottom-up security selection. The Subadvisor allocates the Portfolio's investments among the various bond market sectors based on current and projected economic and market conditions. The Portfolio may invest across bond market sectors, geographies and credit qualities.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the domestic and foreign economies, and meaningful changes in the issuer's financial condition, including changes in the issuer's credit risk and competitiveness.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in companies with market capitalizations at the time of investment that are similar to the market capitalizations of companies in the Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index, and invests primarily in common stocks of U.S. companies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> Cornerstone Capital Management Holdings LLC, the Portfolio's Subadvisor, seeks to construct a broadly diversified portfolio across sectors and industries using quantitative analysis to identify undervalued and overvalued securities. Investments are selected using an objective, disciplined and broadly-applied process, while limiting exposure to risk. The Subadvisor seeks to control the Portfolio's exposure to risk by diversifying the Portfolio's portfolio over a large number of securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">In unusual market conditions, the Portfolio may invest all or a portion of its assets in investment grade notes and bonds, cash and cash equivalents.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio, if better opportunities are identified, or if it determines the initial investment expectations are not being met.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in high-yield corporate debt securities, including all types of high-yield domestic and foreign corporate debt securities that are rated below investment grade by an independent rating agency, such as Standard &amp; Poor's or Moody's Investors Service, Inc., or that are unrated but are considered to be of comparable quality by MacKay Shields LLC, the Portfolio's Subadvisor.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Some securities that are rated below investment grade by independent rating agencies are commonly referred to as "junk bonds." These securities are sometimes considered speculative. If independent rating agencies assign different ratings to the same security, the Portfolio will use the lower rating for purposes of determining the security's credit quality.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio's high-yield investments may also include convertible corporate securities and loan participation interests (e.g., bank debt). The Portfolio may invest up to 20% of its net assets in common stocks and other equity-related securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio may hold cash or invest in short-term instruments during times when the Subadvisor is unable to identify attractive high-yield securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">In times of unusual or adverse market, economic or political conditions, the Portfolio may invest without limit in investment grade securities and may invest in U.S. government securities or other high quality money market instruments. Periods of unusual or adverse market, economic or political conditions may exist in some cases, for up to a year. To the extent the Portfolio is invested in cash, investment grade debt or other high quality instruments, the yield on these investments tends to be lower than the yield on other investments normally purchased by the Portfolio. Although investing heavily in these investments may help to preserve the Portfolio's assets, it may not be consistent with the Portfolio's primary investment objective and may limit the Portfolio's ability to achieve a high level of income.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> The Subadvisor seeks to identify investment opportunities through analyzing individual companies and evaluates each company's competitive position, financial condition, and business prospects. The Portfolio only invests in companies in which the Subadvisor has judged that there is sufficient asset coverage&#8212;that is, the Subadvisor's subjective appraisal of a company's value divided by the value of its debt, with the intent of maximizing default-adjusted income and returns.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objectives of the Portfolio. In considering whether to sell a security, the Subadvisor may evaluate, among other things, meaningful changes in the issuer's financial condition and competitiveness.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio invests in short-term, high-quality, U.S. dollar-denominated securities that generally mature in 397 days (13 months) or less. The Portfolio maintains a dollar-weighted average maturity of 60 days or less and maintains a dollar-weighted average life to maturity of 120 days or less. The Portfolio seeks to maintain a stable $1.00 net asset value per share.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio may invest in obligations issued or guaranteed by the U.S. government or any of its agencies or instrumentalities; U.S. and foreign bank and bank holding company obligations, such as certificates of deposit ("CDs"), bankers' acceptances and Eurodollars; commercial paper; time deposits; repurchase agreements; and corporate debt securities. The Portfolio may invest in variable rate notes, floaters, and mortgage-related and asset-backed securities. The Portfolio may also invest in foreign securities that are U.S. dollar-denominated securities of foreign issuers.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio will generally invest in obligations that mature in 397 days or less, substantially all of which will be held to maturity. However, the Portfolio may invest in securities with a face maturity of more than 397 days provided that the security is a variable or floating rate note that meets the applicable guidelines with respect to maturity. Additionally, securities collateralizing repurchase agreements may have maturities in excess of 397 days.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> New York Life Investment Management LLC, the Portfolio's Manager, seeks to achieve the highest yield relative to minimizing risk while also maintaining liquidity and preserving principal. The Manager selects securities based on an analysis of the creditworthiness of the issuer. The Manager works to add value by emphasizing specific securities and sectors of the money market that appear to be attractively priced based upon historical and current yield spread relationships.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Manager may sell a security prior to maturity if it no longer believes that the security will contribute to meeting the investment objective of the Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio invests approximately 60% of its assets (net assets plus any borrowings for investment purposes) in stocks and 40% of its assets in fixed-income securities (such as bonds) and cash equivalents. Although this 60/40 ratio may vary, under normal market conditions, the Portfolio will invest at least 25% of its assets in fixed-income securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio may invest up to 20% of its net assets in foreign securities, but only in countries the Manager or Subadvisor considers stable and only in securities considered to be of high quality. The Portfolio may also invest in derivatives, such as futures and options, to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Under normal market conditions, the Manager and Subadvisor will seek to keep the portfolio fully invested rather than taking temporary cash positions with respect to their portions of the Portfolio's assets. The Manager and Subadvisor will sell a security if it becomes relatively overvalued, if better opportunities are identified, or if they determine that the initial investment expectations are not being met.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Investment Process:</font> Cornerstone Capital Management Holdings LLC, the Portfolio's Subadvisor, manages the equity portion of the Portfolio. The Subadvisor generally invests in mid-capitalization, value oriented stocks, but may also invest in large capitalization, value oriented stocks. The Subadvisor considers mid-capitalization stocks to be those with a market capitalization that, at the time of investment, are similar to the companies in the Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index (which ranged from $296.4 million to $25.1 billion as of December 31, 2012), the S&amp;P MidCap 400<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index (which ranged from $403.7 million to $16.2 billion as of December 31, 2012), or a universe selected from the smallest 800 companies of the largest 1,000 companies, ranked by market capitalization. Mid-capitalization stocks are common stocks of mid-size U.S. companies that tend to be well known, and to have a large amount of stock outstanding compared to small-capitalization stocks.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">"Value" stocks are stocks that the Subadvisor determines (1) have strong or improving fundamental characteristics and (2) have been overlooked by the marketplace so that they are undervalued or "underpriced" relative to the rest of the Portfolio's universe.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio seeks to construct a broadly diversified portfolio across countries, sectors and industries using quantitative analysis to identify undervalued and overvalued securities. Investments are selected using an objective, disciplined and broadly-applied process, while seeking to limit exposure to risk.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Fixed-Income Investment Process:</font> New York Life Investment Management LLC, the Portfolio's Manager, manages the fixed-income portion of the Portfolio. The Manager generally invests in U.S. government securities, mortgage-backed securities, asset-backed securities and investment grade bonds issued by U.S. corporations. It selects fixed-income securities based on their credit quality, duration and price. The fixed-income portion of the portfolio normally has an intermediate term duration that ranges from three to five years.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio's investments may include variable rate notes, floaters and mortgage-related securities (including mortgage-backed) securities, which are debt securities whose values are based on underlying pools of mortgages, and asset-backed securities, which are debt securities whose values are based on underlying pools of credit receivables.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of floating rate loans and other floating rate debt securities. The Portfolio may also purchase fixed-income debt securities and money market securities or instruments. When New York Life Investment Management LLC, the Portfolio's Manager, believes that market or economic conditions are unfavorable to investors, up to 100% of the Portfolio's assets may be invested in money market or short-term debt securities. The Manager may also invest in these types of securities or hold cash, while looking for suitable investment opportunities or to maintain liquidity.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Portfolio may invest up to 25% of its total assets in foreign securities which are generally U.S. dollar-denominated loans and other debt securities issued by one or more non-U.S. borrower(s) without a U.S. domiciled co-borrower.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font>&#160;The Manager seeks to identify investment opportunities based on the financial condition and competitiveness of individual companies. The Manager seeks to invest in companies with a high margin of safety that are leaders in industries with high barriers to entry. The Manager prefers companies with positive free cash flow, solid asset coverage and management teams with strong track records. In virtually every phase of the investment process, the Manager attempts to control risk and limit defaults.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">Floating rate loans may offer a favorable yield spread over other short-term fixed-income alternatives. Historically, floating rate loans have displayed little correlation to the movements of U.S. common stocks, high-grade bonds and U.S. government securities. Some securities that are rated below investment grade by an independent rating agency, such as Standard &amp; Poor's or Moody's Investors Service Inc., are commonly referred to as &#8220;junk bonds.&#8221; Floating rate loans are speculative investments and are usually rated below investment grade. They typically have less credit risk and historically have had lower default rates than junk bonds. These loans are typically the most senior source of capital in a borrower's capital structure and usually have certain of the borrower's assets pledged as collateral. Floating rate loans feature rates that reset regularly, maintaining a fixed spread over the London InterBank Offered Rate or the prime rates of large money-center banks. The interest rates for floating rate loans typically reset quarterly, although rates on some loans may adjust at other intervals. Floating rate loans mature, on average, in five to seven years, but loan maturity can be as long as nine years.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2">The Manager may reduce or eliminate the Portfolio's position in a security if it no longer believes the security will contribute to meeting the investment objectives of the Portfolio. In considering whether to sell a security, the Manager may evaluate, among other things, meaningful changes in the issuer's financial condition and competitiveness. The Manager continually evaluates market factors and comparative metrics to determine relative value.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in U.S. government securities. It may invest up to 20% of its net assets in mortgage-related and asset-backed securities or other investment grade securities that are not U.S. government securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio's principal investments are debt securities issued or guaranteed by the U.S. government, its agencies and instrumentalities. These securities include U.S. Treasury bills (maturing in one year or less), notes (maturing in 1 to 10 years), bonds (generally maturing in more than 10 years), Government National Mortgage Association mortgage-backed certificates and other U.S. government securities representing ownership interests in mortgage pools such as securities issued by the Federal National Mortgage Association and by the Federal Home Loan Mortgage Corporation, and certain corporate fixed-income securities that are guaranteed by the Federal Deposit Insurance Corporation. The Portfolio also invests in variable rate notes and floaters, which are debt securities with a variable interest rate tied to another interest rate such as a money market index or Treasury bill rate, as well as money market instruments and cash equivalents.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> In pursuing the Portfolio's investment strategies, MacKay Shields LLC, the Portfolio's Subadvisor, uses a combined approach to investing, analyzing economic trends as well as factors pertinent to particular issuers and securities. As part of the Portfolio's principal strategies, the Subadvisor may use a variety of investment practices such as mortgage dollar roll transactions, to-be-announced ("TBA") securities transactions, and transactions on a when-issued basis.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio may also invest in derivatives such as futures and options to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. The Subadvisor may sell a security prior to maturity if it no longer believes that the security will contribute to meeting the investment objective of the Portfolio.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio is a "fund of funds," meaning that it seeks to achieve its investment objective by investing primarily in other MainStay VP Portfolios and other funds managed by New York Life Investment Management LLC ("New York Life Investments") (the "Underlying Portfolios/Funds"). The Underlying Portfolios/Funds are described and offered in this Prospectus and in separate prospectuses. The Portfolio is designed for investors with a particular risk profile, and invests in a distinct mix of Underlying Portfolios/Funds.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio seeks to achieve its investment objective by normally investing approximately 60% (within a range of 50% to 70%) of its assets in Underlying Fixed-Income Portfolios/Funds and approximately 40% (within a range of 30% to 50%) of its assets in Underlying Equity Portfolios/Funds. The Underlying Equity Portfolios/Funds may consist of approximately 5% (within the range of 0% to 20%) of international equity funds. New York Life Investments may change the asset class allocations, the Underlying Portfolios/Funds in which the Portfolio invests, or the target weighting without prior approval from shareholders. With respect to investments in Underlying Equity Portfolios/Funds with a global mandate, as determined by an independent monitoring firm, the assets will be deemed to be allocated equally between U.S. equity funds and international equity funds for the purpose of calculating weighting in these asset classes.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">New York Life Investments uses a two-step asset allocation process to create the Portfolio's investments. The first step includes a strategic review of the target allocations to the equity and fixed-income asset classes and a determination of any tactical allocation adjustments to establish the portion of the Portfolio's investable portfolio (meaning the Portfolio's assets available for investment, other than working cash balances) to be invested in each asset class.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following table illustrates the Portfolio's target allocations among asset classes (the target allocations and/or actual holdings will vary from time to time as a result of the tactical allocation process, although these variations will remain within the ranges described above):</p><table style="width: 100%; clear: both;" cellspacing="0" cellpadding="0"><tr style="font-size: 1pt;"><td style="width: 31.62%;">&#160;</td><td style="width: 17.1%;">&#160;</td><td style="width: 17.09%;">&#160;</td><td style="width: 17.09%;">&#160;</td><td style="width: 17.09%;">&#160;</td></tr><tr><td style="background-color: #d9d9d9; font-size: 1pt; vertical-align: top; border: #000000 0.5pt solid;">&#160;</td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;">U.S. Equity</p></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;">International Equity</p></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;">Total Equity</p></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;">Fixed-Income</p></td></tr><tr><td style="border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">MainStay VP Conservative Allocation Portfolio*</p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">35%</p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">5%</p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">40%</p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">60%</p></td></tr></table><p style="text-align: justify; font-style: normal; text-indent: -10.1pt; font-family: sans-serif; margin-left: 10.1pt; font-size: 8pt; font-weight: normal;">* Percentages represent target allocations, actual allocation percentages may vary up to +/-10% under normal conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The second step in the Portfolio's construction process involves the actual selection of Underlying Portfolios/Funds to represent the two broad asset classes indicated above and determination of target weightings among the Underlying Portfolios/Funds for the Portfolio's investments. The Portfolio may invest in any or all of the Underlying Portfolios/Funds within an asset class, but will not normally invest in every Underlying Portfolio/Fund at one time. Selection of individual Underlying Portfolios/Funds is based on several factors, including, but not limited to, past performance and total portfolio characteristics (e.g., size, style, credit quality and duration). For cash management purposes, the Portfolio may hold a portion of its assets in U.S. government securities, cash or cash equivalents. The Portfolio also may invest in Underlying Portfolios/Funds that are money market funds.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">New York Life Investments monitors the Portfolio's investments daily to
ensure that the Portfolio's actual asset class allocations among the Underlying Portfolios/Funds continue to conform to the Portfolio's target allocations over time and may periodically adjust target asset class allocations based on various quantitative and qualitative data relating to the U.S. and international economies, securities markets, and various segments within those markets. In response to adverse market or other conditions, the Portfolio may, regardless of its normal asset class allocations, temporarily hold all or a portion of its assets in U.S. government securities, money market funds, cash, or cash equivalents. In connection with the asset allocation process, the Portfolio may from time to time invest more than 25% of its assets in one Underlying Portfolio/Fund.</p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Portfolio, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in bonds, which include all types of debt securities such as debt or debt-related securities issued or guaranteed by U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt securities issued by U.S. or foreign corporate entities; zero coupon bonds; mortgage-related and other asset-backed securities; and loan participation interests. The effective maturity of this portion of the Portfolio's holdings will usually be in the intermediate range (three to ten years), although it may vary depending on market conditions as determined by New York Life Investment Management LLC, the Portfolio's Manager. Effective maturity is a measure of a debt security's maturity which takes into consideration the possibility that the issuer may call the debt security before its maturity date.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">At least 65% of the Portfolio's total assets will be invested in investment grade debt securities generally as rated by an independent rating agency, such as rated Baa or better by Moody's Investors Service, Inc. ("Moody's") or BBB or better by Standard &amp; Poor's ("S&amp;P") when purchased, or if unrated, determined by the Manager to be of comparable quality. If independent rating agencies assign different ratings to the same security, the Portfolio will use the higher rating for purposes of determining the security's credit quality.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">The Portfolio may invest in mortgage dollar rolls, which are transactions in which the Portfolio sells securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2">Commercial paper must be rated by an independent rating agency, such as Prime-1 by Moody's or A-1 by S&amp;P, when purchased, or if unrated, determined by the Manager to be of comparable quality. The Portfolio's principal investments may have fixed or floating rates of interest. The Portfolio may also invest in derivatives, such as futures and options, to enhance returns or reduce the risk of loss of (hedge) certain of its holdings.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font>&#160;Fundamental analysis and interest rate trends are the principal factors considered by the Manager in determining whether to increase or decrease the emphasis placed upon a particular type of security or industry sector within the Portfolio. Maturity shifts are based on a set of investment decisions that take into account a broad range of fundamental and technical indicators.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Manager may sell a security if it no longer believes that the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Manager may evaluate, among other things, the condition of the economy, meaningful changes in the issuer's financial condition, and changes in the condition and outlook in the issuer's industry.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The Portfolio is a "fund of funds," meaning that it seeks to achieve its investment objective by investing primarily in other MainStay VP Portfolios and other funds managed by New York Life Investment Management LLC ("New York Life Investments") (the "Underlying Portfolios/Funds"). The Underlying Portfolios/Funds are described and offered in this Prospectus and in separate prospectuses. The Portfolio is designed for investors with a particular risk profile, and invests in a distinct mix of Underlying Portfolios/Funds.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The Portfolio seeks to achieve its investment objective by normally investing substantially all of its assets in Underlying Equity Portfolios/Funds (normally within a range of 90% to 100%). The Underlying Equity Portfolios/Funds may consist of approximately 20% (within a range of 10% to 30%) of international equity funds. The Portfolio may invest up to 10% of its assets in Underlying Fixed-Income Portfolios/Funds. New York Life Investments may change the asset class allocation, the Underlying Portfolios/Funds in which the Portfolio invests, or the target weighting without prior approval from shareholders. With respect to investments in Underlying Equity Portfolios/Funds with a global mandate, as determined by an independent monitoring firm, the assets will be deemed to be allocated equally between U.S. equity funds and international equity funds for the purpose of calculating weighting in these asset classes.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">New York Life Investments uses a two-step asset allocation process to create the Portfolio's investments. The first step includes a strategic review of the target allocations to the equity and fixed-income asset classes and a determination of any tactical allocation adjustments to establish the portion of the Portfolio's investable portfolio (meaning the Portfolio's assets available for investment, other than working cash balances) to be invested in each asset class.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The following table illustrates the Portfolio's target allocations among asset classes (the target allocations and/or actual holdings will vary from time to time as a result of the tactical allocation process, although these variations will remain within the ranges described above):</p><table style="width: 100%; clear: both;" cellspacing="0" cellpadding="0"><tr style="font-size: 1pt;"><td style="width: 596px;">&#160;</td><td style="width: 322px;">&#160;</td><td style="width: 323px;">&#160;</td><td style="width: 323px;">&#160;</td><td style="width: 323px;">&#160;</td></tr><tr><td style="background-color: #d9d9d9; border: 0.5pt solid #000000; font-size: 1pt; vertical-align: top;">&#160;</td><td style="background-color: #d9d9d9; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; border-top-width: 0.5pt; border-top-color: #000000; border-top-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; text-align: center;">U.S. Equity</p></td><td style="background-color: #d9d9d9; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; border-top-width: 0.5pt; border-top-color: #000000; border-top-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; text-align: center;">International Equity</p></td><td style="background-color: #d9d9d9; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; border-top-width: 0.5pt; border-top-color: #000000; border-top-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; text-align: center;">Total Equity</p></td><td style="background-color: #d9d9d9; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; border-top-width: 0.5pt; border-top-color: #000000; border-top-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; text-align: center;">Fixed-Income</p></td></tr><tr><td style="border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-left-width: 0.5pt; border-left-color: #000000; border-left-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: left;">MainStay VP Growth Allocation Portfolio*</p></td><td style="border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: center;">80%</p></td><td style="border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: center;">20%</p></td><td style="border-bottom-width:
0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: center;">100%</p></td><td style="border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; border-right-width: 0.5pt; border-right-color: #000000; border-right-style: solid; vertical-align: top;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: center;">0%</p></td></tr></table><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; margin-left: 10.1pt; text-align: justify; text-indent: -10.1pt;">*Percentages represent target allocations, actual allocation percentages may vary up to +/-10% under normal conditions.</p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;">The second step in the Portfolio's construction process involves the actual selection of Underlying Portfolios/Funds to represent the broad asset classes indicated above and determination of target weightings among the Underlying Portfolios/Funds for the Portfolio's investments. The Portfolio may invest in any or all of the Underlying Portfolios/Funds within an asset class, but will not normally invest in every Underlying Portfolio/Fund at one time. Selection of individual Underlying Portfolios/Funds is based on several factors, including, but not limited to, past performance and total portfolio characteristics (e.g., size, style, credit quality and duration). For cash management purposes, the Portfolio may hold a portion of its assets in U.S. government securities, cash or cash equivalents. The Portfolio also may invest in Underlying Portfolios/Funds that are money market funds.</p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;">New York Life Investments monitors the Portfolio's investments daily to ensure that the Portfolio's actual asset class allocations among the Underlying Portfolios/Funds continue to conform to the Portfolio's target allocations over time and may periodically adjust target asset class allocations based on various quantitative and qualitative data relating to the U.S. and international economies, securities markets, and various segments within those markets. In response to adverse market or other conditions, the Portfolio may, regardless of its normal asset class allocations, temporarily hold all or a portion of its assets in U.S. government securities, money market funds, cash, or cash equivalents. In connection with the asset allocation process, the Portfolio may from time to time invest more than 25% of its assets in one Underlying Portfolio/Fund.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The Portfolio is a "fund of funds," meaning that it seeks to achieve its investment objective by investing primarily in other MainStay VP Portfolios and other funds managed by New York Life Investment Management LLC ("New York Life Investments") (the "Underlying Portfolios/Funds"). The Underlying Portfolios/Funds are described and offered in this Prospectus and in separate prospectuses. The Portfolio is designed for investors with a particular risk profile, and invests in a distinct mix of Underlying Portfolios/Funds.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The Portfolio seeks to achieve its investment objective by normally investing approximately 60% (within a range of 50% to 70%) of its assets in Underlying Equity Portfolios/Funds, and approximately 40% (within a range of 30% to 50%) of its assets in Underlying Fixed-Income Portfolios/Funds. The Underlying Equity Portfolios/Funds may consist of approximately 10% (within a range of 0% to 20%) of international equity funds. New York Life Investments may change the asset class allocations, the Underlying Portfolios/Funds in which the Portfolio invests, or the target weighting without prior approval from shareholders. 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The Portfolio also may invest in Underlying Portfolios/Funds that are money market funds.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">New York Life Investments monitors the Portfolio's investments daily to ensure that the Portfolio's actual asset class allocations among the Underlying Portfolios/Funds continue to conform to the Portfolio's target allocations over time and may periodically adjust target asset class allocations based on various quantitative and qualitative data relating to the U.S. and international economies, securities markets, and various segments within those markets. In response to adverse market or other conditions, the Portfolio may, regardless of its normal asset class allocations, temporarily hold all or a portion of its assets in U.S. government securities, money market funds, cash, or cash equivalents. In connection with the asset allocation process, the Portfolio may from time to time invest more than 25% of its assets in one Underlying Portfolio/Fund.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio normally invests a minimum of 30% of its net assets in equity securities and a minimum of 30% of its net assets in debt securities. From time to time, the Portfolio may temporarily invest slightly less than 30% of its net assets in equity or debt securities as a result of market conditions, individual securities transactions or cash flow considerations.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Asset Allocation Investment Process:</font> Asset allocation decisions are made by MacKay Shields LLC ("MacKay Shields"), the Subadvisor for the fixed-income portion of the Portfolio, based on the relative values of each asset class, inclusive of the ability of each asset class to generate income. As part of these asset allocation decisions, MacKay Shields may use equity index futures to add exposure to the equity markets. Neither equity index futures nor fixed-income futures are counted toward the Portfolio's total equity or fixed-income exposures, respectively.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Investment Process:</font> Epoch Investment Partners, Inc. ("Epoch"), the Subadvisor for the equity portion of the Portfolio, invests primarily in companies that generate increasing levels of free cash flow and have managements that use it to create returns for shareholders.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. Epoch seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reductions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Epoch seeks to find and invest in companies that meet its definition of quality-companies that are free cash flow positive or becoming free cash flow positive, that are debt free or deleveraging, and that are led by strong management. Epoch evaluates whether a company has a focus on shareholder yield by analyzing the company's existing cash dividend, the company's share repurchase activities, and the company's debt reduction activities as well as the likelihood of positive changes to each of these criteria, among other factors.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Investment Process:</font> The Portfolio may invest in investment grade and below investment grade debt securities of varying maturities. In pursuing the Portfolio's investment objective, the Portfolio may invest up to 30% of its net assets in debt securities that MacKay Shields believes may provide capital appreciation in addition to income and are rated below investment grade by an independent rating agency, such as Standard &amp; Poor's or Moody's Investors Service, Inc., or if unrated, deemed to be of comparable creditworthiness by MacKay Shields. For purposes of this limitation, both the percentage and rating are counted at the time of purchase. If independent rating agencies assign different ratings to the same security, the Portfolio will use the higher rating for purposes of determining the security's credit quality. Some securities that are rated below investment grade by independent rating agencies are commonly referred to as "junk bonds."</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio maintains a flexible approach by investing in a broad range of securities, which may be diversified by company, industry and type.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Principal debt investments include U.S. government securities, domestic and foreign debt securities, mortgage-related and asset-backed securities and floating rate loans. The Portfolio may also enter into mortgage dollar roll and to-be-announced ("TBA") securities transactions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio may also invest in convertible securities such as bonds, debentures, corporate notes and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Investments Across the Portfolio</font>: The Portfolio may invest in derivatives, such as futures, options, forward commitments and swap agreements, to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. 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position in a security when it believes its investment objectives have been met or if it sees the investment thesis is failing to materialize.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio is a "fund of funds," meaning that it seeks to achieve its investment objective by investing primarily in other MainStay VP Portfolios and other funds managed by New York Life Investment Management LLC ("New York Life Investments") (the "Underlying Portfolios/Funds"). The Underlying Portfolios/Funds are described and offered in this Prospectus and in separate prospectuses. The Portfolio is designed for investors with a particular risk profile, and invests in a distinct mix of Underlying Portfolios/Funds.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio seeks to achieve its investment objective by normally investing approximately 80% (within a range of 70% to 90%) of its assets in Underlying Equity Portfolios/Funds and approximately 20% (within a range of 10% to 30%) of its assets in Underlying Fixed-Income Portfolios/Funds. The Underlying Equity Portfolios/Funds may consist of approximately 15% (within a range of 5% to 25%) of international equity portfolios/funds. New York Life Investments may change the asset class allocation, the Underlying Portfolios/Funds in which the Portfolio invests, or the target weighting without prior approval from shareholders. 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The first step includes a strategic review of the target allocations to the equity and fixed-income asset classes and a determination of any tactical allocation adjustments to establish the portion of the Portfolio's investable portfolio (meaning the Portfolio's assets available for investment, other than working cash balances) to be invested in each asset class.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following table illustrates the Portfolio's target allocations among asset classes (the target allocations and/or actual holdings will vary from time to time as a result of the tactical allocation process, although these variations will remain within the ranges described above):</font></p><table style="width: 100%; clear: both;" cellspacing="0" cellpadding="0"><tr style="font-size: 1pt;"><td style="width: 31.62%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td><td style="width: 17.1%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td><td style="width: 17.09%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td><td style="width: 17.09%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td><td style="width: 17.09%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td></tr><tr><td style="background-color: #d9d9d9; font-size: 1pt; vertical-align: top; border: #000000 0.5pt solid;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">U.S. Equity</font></p></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">International Equity</font></p></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Total Equity</font></p></td><td style="border-bottom: #000000 0.5pt solid; background-color: #d9d9d9; vertical-align: top; border-top: #000000 0.5pt solid; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Fixed-Income</font></p></td></tr><tr><td style="border-bottom: #000000 0.5pt solid; border-left: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">MainStay VP Moderate Growth Allocation Portfolio*</font></p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">65%</font></p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">15%</font></p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">80%</font></p></td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; border-right: #000000 0.5pt solid;"><p style="text-align: center; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">20%</font></p></td></tr></table><p style="text-align: justify; font-style: normal; text-indent: -10.1pt; font-family: sans-serif; margin-left: 10.1pt; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;"
size="2">* Percentages represent target allocations, actual allocation percentages may vary up to +/-10% under normal conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The second step in the Portfolio's construction process involves the actual selection of Underlying Portfolios/Funds to represent the two broad asset classes indicated above and determination of target weightings among the Underlying Portfolios/Funds for the Portfolio's investments. The Portfolio may invest in any or all of the Underlying Portfolios/Funds within an asset class, but will not normally invest in every Underlying Portfolio/Fund at one time. Selection of individual Underlying Portfolios/Funds is based on several factors, including, but not limited to, past performance and total portfolio characteristics (e.g., size, style, credit quality and duration). 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In response to adverse market or other conditions, the Portfolio may, regardless of its normal asset class allocations, temporarily hold all or a portion of its assets in U.S. government securities, money market funds, cash, or cash equivalents. 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The Portfolio may invest in such derivatives to try to enhance returns or reduce the risk of loss by hedging certain of its holdings.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investment Process:</font> Cornerstone Capital Management Holdings LLC, the Portfolio's Subadvisor, uses statistical techniques to determine which stocks are to be purchased or sold to replicate the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index to the extent feasible. From time to time, adjustments may be made in the Portfolio's holdings because of changes in the composition of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index. The correlation between the investment performance of the Portfolio and the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is expected to be at least 0.95, before charges, fees and expenses, on an annual basis. A correlation of 1.00 would indicate perfect correlation, which would be achieved when the net asset value of the Portfolio, including the value of its dividend and capital gains distributions, increases or decreases in exact proportion to changes in the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index.</p><div><b>Principal Risks</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div><b>Principal Risks</b></div><div><font style="font-family: times new roman,times;"><b>Principal Risks</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Risks</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Risks</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Risks</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Principal Risks</b></font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div><b>Principal Risks</b></div><div><b>Principal Risks</b></div><div><b>Principal Risks</b></div><div><b>Principal Risks</b></div><div><b>Principal Risks</b></div><div><b>Principal Risks</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div><b>Principal Risks</b></div><div><b>Principal Risks</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div><b>Principal Risks of the Underlying Portfolios/Funds</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks</div><div><b><font size="2">Principal Risks of the Underlying Portfolios/Funds</font></b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Principal Risks of the Underlying Portfolios/Funds</div><div><font size="2"><b>Principal Risks</b></font></div><div><b><font style="font-family: times new roman,times;" size="2">Principal Risks of the Underlying Portfolios/Funds</font></b></div><div><b>Principal Risks</b></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower or higher than that of funds that invest in other types of equity securities.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font>&#160;Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font>&#160;The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font>&#160;The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font>&#160;Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font>&#160;If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font>&#160;Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Concentrated Portfolio Risk:</font>&#160;Because the Portfolio invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility. The Portfolio will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: sans-serif; font-weight: bold;">Technology Stock Risk:</font>&#160;The Portfolio may focus its investments in technology companies. Technology companies are subject to risks such as those relating to the potential rapid obsolescence of technology, failure of the market to accept new technologies and difficulty obtaining financing for necessary research and development or expansion.</p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font>&#160;Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font>&#160;The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font>&#160;The investment strategies, practices and risk analysis used by the Subadvisors may not produce the desired results.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Depositary Receipts Risk:&#160;</font>Investments in depositary receipts may entail the special risks of foreign investing, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font>&#160;Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font>&#160;Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Emerging Markets Risk:</font>&#160;The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Exchange Traded Fund ("ETF") Risk:</font>&#160;The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Portfolio could result in losses on the Portfolio's investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font>&#160;Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the
Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; text-transform: none; text-indent: 0px; font: 10pt sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font>&#160;Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Small-Cap Stock Risk:</font>&#160;Stocks of small capitalization companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects, and greater spreads between bid and ask prices than stocks of larger companies. Small-capitalization companies may be more vulnerable to adverse business or market developments.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font>&#160;Value stocks may never reach what the Subadvisors believe is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower than that of funds that invest in other types of equity securities.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font>&#160;Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font>&#160;The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font>&#160;The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font>&#160;Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font>&#160;Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font>&#160;If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font>&#160;Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font>&#160;Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font>&#160;Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font>&#160;The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font>&#160;The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font>&#160;Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap Stock Risk:</font>&#160;Stocks of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font>&#160;Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower or higher than that of funds that invest in other types of equity securities.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Concentrated Portfolio Risk:</font>&#160;Because the Portfolio invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility. The Portfolio will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font>&#160;Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose
securities are traded principally in emerging markets.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Depositary Receipts Risk:&#160;</font>Investments in depositary receipts may entail the special risks of foreign investing, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font>&#160;Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Real Estate Investment Trust Risk:</font>&#160;Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font>&#160;Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font>&#160;The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font>&#160;The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font>&#160;Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font>&#160;Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Emerging Markets Risk:</font>&#160;The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font>&#160;If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Exchange Traded Fund Risk:</font>&#160;The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities.
Disruptions in the markets for the securities underlying ETFs purchased or sold by the Portfolio could result in losses on the Portfolio's investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font>&#160;Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font>&#160;The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font>&#160;The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font>&#160;Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font>&#160;If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font>&#160;Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font> Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Emerging Markets Risk:</font> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Short Selling Risk:</font> If a security sold short increases in price, the Portfolio may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Portfolio may have substantial short positions and must borrow those securities to make delivery to the buyer. The Portfolio may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, the Portfolio may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. The Portfolio also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Portfolio may be required to pay in connection with the short sale.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Until the Portfolio replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with the Portfolio's custodian to cover the Portfolio's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Portfolio's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Portfolio may not be able to substitute or sell the pledged collateral. Additionally, the Portfolio must maintain sufficient liquid assets (less
any additional collateral held with the broker), marked-to-market daily, to cover the short sale obligations. This may limit the Portfolio's investment flexibility, as well as its ability to meet redemption requests or other current obligations. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot go below zero.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">By investing the proceeds received from selling securities short, the Portfolio could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Portfolio's exposure to long positions and make any change in the Portfolio's net asset value greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that the Portfolio will leverage its portfolio, or if it does, that the Portfolio's leveraging strategy will be successful or that it will produce a higher return on an investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Regulatory authorities in the U.S. or other countries may prohibit or restrict the ability of the Portfolio to fully implement its short-selling strategy, either generally or with respect to certain industries or countries, which may impact the Portfolio's ability to fully implement its investment strategies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Depositary Receipts Risk: </font>Investments in depositary receipts may entail the special risks of foreign investing, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt or Fixed-Income Securities Risk:</font> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand of debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio's income, if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Floaters and Variable Rate Notes Risk: </font>Floaters and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Portfolio's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Such securities also may lose value.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Other Investment Companies Risk:</font> The risks of owning another investment company are generally similar to the risks of investment directly in the securities in which that investment company invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Portfolio&#8217;s performance. In addition, because closed-end funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility because of the
potential lack of liquidity.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Exchange Traded Fund Risk:</font> The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Portfolio could result in losses on the Portfolio's investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Zero Coupon Bond Risk:</font> Because zero-coupon securities bear no interest and compound semi-annually at the rate fixed at the time of issuance, their value generally is more volatile than the value of other fixed income securities. An investment in zero-coupon and delayed interest securities may cause the Portfolio to recognize income, and therefore the Portfolio may be required to make distributions to shareholders before the Portfolio receives any cash payments on its investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Municipal Bond Risk:</font> Municipal bond risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. Municipalities continue to experience economic and financial difficulties in the current economic environment. The ability of a municipal issuer to make payments and the value of municipal bonds can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the Portfolio&#8217;s net asset value.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Swap transactions tend to shift the Portfolio's investment exposure from one type of investment to another, and therefore entail the risk that a party will default on its payment obligations to the Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family:
sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Tax Risk: </font>The Portfolio&#8217;s investments and investment strategies, including transactions in options and futures contracts, may be subject to special and complex federal income tax provisions, the effect of which may be to produce income that will not qualify as good income under the gross income requirements that must be met for the Portfolio to qualify as a regulated investment company (a &#8220;RIC&#8221;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt or Fixed Income Securities Risk:</font> The risks of investing in debt or fixed income securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand of debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio's income, if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Swap transactions tend to shift the Portfolio's investment exposure from one type of investment to another, and therefore entail the risk that a party will default on its payment obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not
correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Non-Diversification Risk:</font> Because the Portfolio is "non-diversified," it may be more susceptible than diversified funds to risks associated with an individual issuer, and to single economic, political or regulatory occurrences.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Short Selling Risk:</font> If a security sold short increases in price, the Portfolio may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Portfolio may have substantial short positions and must borrow those securities to make delivery to the buyer. The Portfolio may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, the Portfolio may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. The Portfolio also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Portfolio may be required to pay in connection with the short sale.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Until the Portfolio replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with the Portfolio's custodian to cover the Portfolio's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Portfolio's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Portfolio may not be able to substitute or sell the pledged collateral. Additionally, the Portfolio must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the short sale obligations. This may limit the Portfolio's investment flexibility, as well as its ability to meet redemption requests or other current obligations. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot go below zero.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">By investing the proceeds received from selling securities short, the Portfolio could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Portfolio's exposure to long positions and make any change in the Portfolio's net asset value greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that the Portfolio will leverage its portfolio, or if it does, that the Portfolio's leveraging strategy will be successful or that it will produce a higher return on an investment. Regulatory authorities in the U.S. or other countries may prohibit or restrict the ability of the Portfolio to fully implement its short-selling strategy, either generally or with respect to certain industries or countries, which may impact the Portfolio's ability to fully implement its investment strategies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the
creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower than that of funds that invest in other types of equity securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Utilities Concentration Risk:</font> The Portfolio's performance will be closely tied to the performance of utilities issuers and, as a result, can be more volatile than the performance of more broadly-diversified funds. The price of stocks in the utilities sector can be very volatile due to supply and/or demand for services or fuel, financing costs, conservation efforts, the negative impact of regulation, and other factors.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand of debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio's income, if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Emerging Markets Risk:</font> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility,
significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Swap transactions tend to shift the Portfolio's investment exposure from one type of investment to another, and therefore entail the risk that a party will default on its payment obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio. The performance of structured securities is determined by the instrument underlying the security. Structured securities are subject to the credit risk of the issuing party and may be less liquid than other types of securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt or Fixed Income Securities Risk:</font> The risks of investing in debt or fixed income securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand of debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio's income, if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Emerging Markets Risk:</font> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities
Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Commodities and Commodity-Linked Derivatives Risk:</font> Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject the Portfolio to greater volatility than investments in traditional securities. The commodities markets may fluctuate widely based on a variety of factors including changes in overall market movements, political and economic events and policies, war, acts of terrorism and changes in interest rates or inflation rates. Because the value of a commodity-linked derivative instrument and structured note typically are based upon the price movements of physical commodities, the value of these securities will rise or fall in response to changes in the underlying commodities or related index of investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Swap transactions tend to shift the Portfolio's investment exposure from one type of investment to another, and therefore entail the risk that a party will default on its payment obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio. The performance of structured securities is determined by the instrument underlying the security. Structured securities are subject to the credit risk of the issuing party and may be less liquid than other types of securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Direct Investments Risk:</font> Direct investments may involve a high degree of business and financial risk that can result in substantial losses. Because of the absence of any public trading market for these investments, the Portfolio may take longer to liquidate these positions than would be the case for publicly traded securities. Direct investments are generally considered illiquid and will be aggregated with other illiquid investments for purposes of the limitation on illiquid investments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Emerging Markets Risk:</font> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Hard Assets Concentration Risk:</font> The Portfolio may be subject to greater risks and market
fluctuations than a fund whose portfolio has exposure to a broader range of sectors. The Portfolio may be susceptible to financial, economic, political, or market events, as well as government regulation, impacting the hard assets sectors (such as the energy, metals and real estate sectors). Precious metals and natural resources securities are at times volatile and there may be sharp fluctuations in prices, even during periods of rising prices.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Investments in Other Investment Companies Risk:</font> The Portfolio's investment in another investment company may subject the Portfolio indirectly to the underlying risks of the investment company. The Portfolio also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Portfolio's own fees and expenses.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Exchange Traded Fund Risk:</font> The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Portfolio could result in losses on the Portfolio's investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Non-Diversification Risk:</font> Because the Portfolio is "non-diversified," it may be more susceptible than diversified funds to risks associated with an individual issuer, and to single economic, political or regulatory occurrences.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font> Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Synthetic Convertible Securities Risk:</font> The values of a synthetic convertible and a true convertible security may respond differently to market fluctuations. In addition, in purchasing a synthetic convertible security, the Portfolio may have counterparty (including counterparty credit) risk with respect to the financial institution or investment bank that offers the instrument.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign
countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower or higher than that of funds that invest in other types of equity securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Exchange Traded Fund Risk:</font> The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs purchased or sold by the Portfolio could result in losses on the Portfolio's investment in ETFs. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font> Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Short Selling Risk:</font> If a security sold short increases in price, the Portfolio may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Portfolio may have substantial short positions and must borrow those securities to make delivery to the buyer. The Portfolio may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, the Portfolio may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. The Portfolio also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Portfolio may be required to pay in connection with the short sale.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Until the Portfolio replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with the Portfolio's custodian to cover the Portfolio's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Portfolio's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Portfolio may not be able to substitute or sell the pledged collateral. Additionally, the Portfolio must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the short sale obligations. This may limit the Portfolio's investment flexibility, as well as its ability to meet redemption requests or other current obligations. Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot go below zero.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">By investing the proceeds received from selling securities short, the Portfolio could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Portfolio's exposure to long positions and make any change in the Portfolio's net asset value greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that the Portfolio will leverage its portfolio, or if it does, that the Portfolio's leveraging strategy will be successful or that it will produce a higher return on an investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Regulatory authorities in the U.S. or other countries may prohibit or restrict the ability of the
Portfolio to fully implement its short-selling strategy, either generally or with respect to certain industries or countries, which may impact the Portfolio's ability to fully implement its investment strategies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Swap transactions tend to shift the Portfolio's investment exposure from one type of investment to another, and therefore entail the risk that a party will default on its payment obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Floaters and Variable Rate Notes Risk: </font>Floaters and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Portfolio's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Such securities also may lose value.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage Dollar Roll Transaction Risk: </font>A mortgage dollar roll is a transaction in which the Portfolio sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Portfolio at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font> Convertible securities may be subordinate to other securities. In part, the total
return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">TBA Securities Risk:</font> In a TBA securities transaction, the Portfolio commits to purchase certain securities for a fixed price at a future date. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Portfolio receives the security.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">When-Issued Securities Risk:</font> The Portfolio may agree to purchase a security on a when-issued basis, making a commitment to pay a fixed price for a security when it is issued in the future. The principal risk of transactions involving when-issued securities is that the security will be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap Stock Risk:</font> Stocks of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower or higher than that of funds that invest in other types of equity securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand of debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio's income, if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loan Participation Interest Risk:</font> There may not be a readily available market for loan participation interests, which in some cases could result in the Portfolio disposing of such a security at a substantial discount from face value or holding such a security until maturity. In addition, there is also the credit risk of the underlying corporate borrower as well as the lending institution or other participant from whom the Portfolio purchased the loan participation interests.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Floating Rate Loans Risk:</font> The floating rate loans in which the Portfolio invests are usually rated below investment grade (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including
default, than higher quality debt securities. Moreover, such securities may, under certain circumstances, be less liquid than higher quality debt securities. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the Portfolio's investments in floating rate loans are more likely to decline.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font> Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio manager's ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Stable Net Asset Value Risk:</font> An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio. This could occur because of unusual market conditions or a sudden collapse in the creditworthiness of a company once believed to be an issuer of high-quality, short-term securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Manager may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Manager may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Manager might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Floaters and Variable Rate Notes Risk: </font>Floaters and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Portfolio's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Such securities also may lose value.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries may affect the value of the Portfolio's investments in foreign securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Manager to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Money Market Fund Regulatory Risk:</font> Money market funds are subject to liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission ("SEC") rules. These requirements may limit
the amount of yield the Portfolio may achieve. The SEC or other regulatory agencies may adopt additional money market fund regulations in the future, which may impact the operation or performance of the Portfolio.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Yield Risk:</font> There can be no guarantee that the Portfolio will achieve or maintain any particular level of yield.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Manager and Subadvisor may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower or higher than that of funds that invest in other types of equity securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap Stock Risk:</font> Stocks of mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Manager may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Manager might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the
risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Floaters and Variable Rate Notes Risk: </font>Floaters and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Portfolio's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Such securities also may lose value.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Manager to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Manager may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Manager may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Manager might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Floating Rate Loans Risk:</font> The floating rate loans in which the Portfolio invests are usually rated below investment grade (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. Moreover, such securities may, under certain circumstances, be less liquid than higher quality debt securities. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the Portfolio's investments in floating rate loans are more likely to decline.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Trading Market Risk:</font> An active trading market may not exist for many of the Portfolio's loans. In addition, some loans may be subject to restrictions on their resale, which may prevent the Portfolio from obtaining the full value of the loan when it is sold. If this occurs, the Portfolio may experience a decline in its net asset value. Some of the Portfolio's investments may be considered to be illiquid.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S.
and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Money Market/Short-Term Securities Risk:</font> To the extent the Portfolio holds cash or invests in money market or short-term securities, the Portfolio may be less likely to achieve its investment objective. In addition, it is possible that the Portfolio's investments in these instruments could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money. Investments in the Portfolio are not guaranteed. While some of the Portfolio's investments, such as U.S. Treasury obligations, are backed by the "full faith and credit" of the U.S. government, some securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may not be guaranteed by the U.S. Treasury or supported by the full faith and credit of the U.S. government.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mortgage Dollar Roll Transaction Risk: </font>A mortgage dollar roll is a transaction in which the Portfolio sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Portfolio at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">TBA Securities Risk:</font> In a TBA securities transaction, the Portfolio commits to purchase certain securities for a fixed price at a future date. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Portfolio receives the security.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">When-Issued Securities Risk:</font> The Portfolio may agree to purchase a security on a when-issued basis, making a commitment to pay a fixed price for a security when it is issued in the future. The principal risk of transactions involving when-issued securities is that the security will be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Floaters and Variable Rate Notes Risk: </font>Floaters and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may
be limitations on the Portfolio's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Such securities also may lose value.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Money Market/Short-Term Securities Risk:</font> To the extent the Portfolio holds cash or invests in money market or short-term securities, the Portfolio may be less likely to achieve its investment objective. In addition, it is possible that the Portfolio's investments in these instruments could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money. An investment in the Portfolio is not guaranteed, and you may experience losses. The Portfolio's level of risk will depend on its investment allocation in the Underlying Portfolios/Funds. Principal risks of the Underlying Portfolios/Funds which could adversely affect the performance of the Portfolio, may include:</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of an Underlying Portfolio/Fund's investments may change because of broad changes in the markets in which the Underlying Portfolio/Fund invests or poor security selection, which could cause the Underlying Portfolio/Fund to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Underlying Portfolio/Fund's manager or subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Underlying Portfolio/Fund to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Underlying Portfolio/Fund.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Underlying Portfolio/Fund's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Underlying Portfolio/Fund manager or subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Underlying Portfolio/Fund&#8217;s income if the proceeds are reinvested at lower interest rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Underlying Portfolio/Fund&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Underlying Portfolio/Fund to sell its bond holdings at a time when the manager or subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Underlying Portfolio/Fund&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of an Underlying Portfolio/Fund's investments in foreign securities. Foreign securities may also subject an Underlying Portfolio/Fund's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under
certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by an Underlying Portfolio/Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Underlying Portfolio/Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, the Portfolio could pay more than the market value when buying Underlying Portfolio/Fund shares or receive less than the market value when selling Underlying Portfolio/Fund shares. Liquidity risk may also refer to the risk that an Underlying Portfolio/Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, an Underlying Portfolio/Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Related and Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-related securities and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of an Underlying Portfolio/Fund's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise and increase the potential for the Underlying Portfolio/Fund to lose money. The ability of an Underlying Portfolio/Fund to successfully utilize these instruments may depend on the ability of the Underlying Portfolio/Fund's manager or subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. The value of these securities may be significantly affected by changes in interest rates, the market's perception of the issuers, and the creditworthiness of the parties involved.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Real Estate Investment Trust ("REIT") Risk:</font> Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Short Sales Risk:</font> If a security sold short increases in price, an Underlying Portfolio/Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. An Underlying Portfolio/Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. An Underlying Portfolio/Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, an Underlying Portfolio/Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. By investing the proceeds received from selling securities short, an Underlying Portfolio/Fund is employing a form of leverage which creates special risks.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Underlying Portfolio/Fund may also be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Underlying Portfolio/Fund may be required to pay in connection with the short sale.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Until an Underlying Portfolio/Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Underlying Portfolio/Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Underlying Portfolio/Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Underlying Portfolio/Fund may not be able to substitute or sell the pledged collateral. Additionally, an Underlying Portfolio/Fund must maintain sufficient liquid assets (less any additional collateral pledged to or held by the broker), marked-to-market daily, to cover the short sale obligation. This may limit
an Underlying Portfolio/Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot go below zero.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Underlying Portfolio/Fund's portfolio manager believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the performance of Underlying Portfolio/Funds that invest in value stocks may be lower or higher than that of funds that invest in other types of equity securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Asset Allocation Risk:</font> Although allocation among different asset classes generally limits the Portfolio's exposure to the risks of any one class, the risk remains that New York Life Investments may favor an asset class that performs poorly relative to the other asset classes. For example, deteriorating stock market conditions might cause an overall weakness in the market that reduces the absolute level of stock prices in that market. Under these circumstances, if the Portfolio, through its holdings of Underlying Portfolios/Funds, were invested primarily in stocks, it would perform poorly relative to a portfolio invested primarily in bonds. Similarly, the portfolio managers of the Underlying Portfolios/Funds could be incorrect in their analysis of economic trends, countries, industries, companies, the relative attractiveness of asset classes or other matters. Moreover, because the Portfolio has set limitations on the amount of assets that may be allocated to each asset class, the Portfolio has less flexibility in its investment strategy than mutual funds that are not subject to such limitations. In addition, the asset allocations made by the Portfolio may not be ideal for all investors and may not effectively increase returns or decrease risk for investors.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Concentration Risk:</font> To the extent that the Portfolio invests a significant portion of its assets in a single Underlying Portfolio/Fund, it will be particularly sensitive to the risks associated with that Underlying Portfolio/Fund and changes in the value of that Underlying Portfolio/Fund may have a significant effect on the net asset value of the Portfolio. Similarly, the extent to which an Underlying Portfolio/Fund invests more than 25% of its assets in a single industry or economic sector may also adversely impact the Portfolio, depending on the Portfolio's level of investment in that Underlying Portfolio/Fund.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Conflicts of Interest:</font> Potential conflicts of interest situations could occur. For example, New York Life Investments may be subject to potential conflicts of interest in selecting the Underlying Portfolios/Funds because the fees paid to it and its affiliates by some Underlying Portfolios/Funds are higher than the fees paid by other Underlying Portfolios/Funds. In addition, the portfolio managers may have an incentive to select certain Underlying Portfolios/Funds due to compensation considerations. Moreover, a situation could occur where proper action for the Portfolio could be adverse to the interest of an Underlying Portfolio/Fund or vice versa.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">New York Life Investments and the portfolio managers have a fiduciary duty to the Portfolio to act in the Portfolio's best interests when selecting Underlying Portfolios/Funds. Under the oversight of the Portfolio&#8217;s Board of Trustees, New York Life Investments will carefully analyze any such situation and take all steps believed to be necessary to minimize and, where possible, eliminate potential conflicts.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Large Transaction Risk:</font> To minimize disruptions to the operations of the Portfolio and the Underlying Portfolios/Funds, New York Life Investments seeks to maintain existing target allocations and to implement small changes to target allocations through the netting of purchases and redemptions of Portfolio shares. When New York Life Investments determines to initiate a transaction with an Underlying Portfolio/Fund, New York Life Investments generally coordinates directly with the portfolio managers of the Underlying Portfolio/Fund to ensure that the transactions are accommodated efficiently and in a cost effective manner, including possibly implementing trades over a period of days rather than all at once. These practices may temporarily affect New York Life Investments' ability to fully implement the Portfolio's investment strategies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Manager may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Manager may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Manager might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loan Participation Interest Risk:</font> There may not be a readily available market for loan participation interests, which in some cases could result in the Portfolio disposing of such a security at a substantial discount from face value or holding such a security until maturity. In addition, there is also the credit risk of the underlying corporate borrower as well as the lending institution or other participant from whom the Portfolio purchased the loan participation interests.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option
and may lose its entire investment in an option.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Manager to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mortgage Dollar Roll Transaction Risk: </font>A mortgage dollar roll is a transaction in which the Portfolio sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Portfolio at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer to the risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money. An investment in the Portfolio is not guaranteed, and you may experience losses. The Portfolio's level of risk will depend on its investment allocation in the Underlying Portfolios/Funds. Principal risks of the Underlying Portfolios/Funds which could adversely affect the performance of the Portfolio, may include:</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of an Underlying Portfolio/Fund's investments may change because of broad changes in the markets in which the Underlying Portfolio/Fund invests or poor security selection, which could cause the Underlying Portfolio/Fund to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Underlying Portfolio/Fund's manager or subadvisor may not produce the desired results.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Underlying Portfolio/Fund to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Underlying Portfolio/Fund.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Underlying Portfolio/Fund's holdings. Opportunity for greater gain often comes with greater risk of loss.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Underlying Portfolio/Fund manager or subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Underlying Portfolio/Fund&#8217;s income if the proceeds are reinvested at lower interest rates.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Interest rates in the United States are at, or near, historic lows, which may increase the Underlying Portfolio/Fund&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Underlying Portfolio/Fund to sell its bond holdings at a time when the manager or subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Underlying Portfolio/Fund&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of an Underlying Portfolio/Fund's investments in foreign securities. Foreign securities may also subject an Underlying Portfolio/Fund's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by an Underlying Portfolio/Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Underlying Portfolio/Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, the Portfolio could pay more than the market value when buying Underlying Portfolio/Fund shares or receive less than the market value when selling Underlying Portfolio/Fund shares. Liquidity risk may also refer to the risk that an Underlying Portfolio/Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, an Underlying Portfolio/Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Real Estate Investment Trust ("REIT") Risk:</font> Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Short Sales Risk:</font> If a security sold short increases in price, an Underlying Portfolio/Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. An Underlying Portfolio/Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. An Underlying Portfolio/Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, an Underlying Portfolio/Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. By investing the proceeds received from selling securities short, an Underlying Portfolio/Fund is employing a form of leverage which creates special risks.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Underlying Portfolio/Fund may also be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Underlying Portfolio/Fund may be required to pay in connection with the short sale.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Until an Underlying Portfolio/Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Underlying Portfolio/Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Underlying Portfolio/Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Underlying Portfolio/Fund may not be able to substitute or sell the pledged collateral. Additionally, an Underlying Portfolio/Fund must maintain sufficient liquid assets (less any additional collateral pledged to or held by the broker), marked-to-market daily, to cover the short sale obligation. This may limit an Underlying Portfolio/Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot go below zero.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Small-Cap Stock Risk:</font> Stocks of small capitalization companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects, and greater spreads between bid and ask prices than stocks of larger companies. Small-capitalization companies may be more vulnerable to adverse business or market developments.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Underlying Portfolio/Fund's portfolio manager believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the performance of Underlying Portfolio/Funds that invest in value stocks may be lower or higher than that of funds that invest in other types of equity securities.&#160;</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Asset Allocation Risk:</font> Although allocation among different asset classes generally limits the Portfolio's exposure to the risks of any one class, the risk remains that New York Life Investments may favor an asset class that performs poorly relative to the other asset classes. For example, deteriorating stock market conditions might cause an overall weakness in the market that reduces the absolute level of stock prices in that market. Under these circumstances, if the Portfolio, through its holdings of Underlying Portfolios/Funds, were invested primarily in stocks, it would perform poorly relative to a portfolio invested primarily in bonds. Similarly, the portfolio managers of the Underlying Portfolios/Funds could be incorrect in their analysis of economic trends, countries, industries, companies, the relative attractiveness of asset classes or other matters. Moreover, because the Portfolio has set limitations on the amount of assets that may be allocated to each asset class, the Portfolio has less flexibility in its investment strategy than mutual funds that are not subject to such limitations. In addition, the asset allocations made by the Portfolio may not be ideal for all investors and may not effectively increase returns or decrease risk for investors.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Concentration Risk:</font> To the extent that the Portfolio invests a significant portion of its assets in a single Underlying Portfolio/Fund, it will be particularly sensitive to the risks associated with that Underlying Portfolio/Fund and changes in the value of that Underlying Portfolio/Fund may have a significant effect on the net asset value of the Portfolio. Similarly, the extent to which an Underlying Portfolio/Fund invests more than 25% of its assets in a single industry or economic sector may also adversely impact the Portfolio, depending on the Portfolio's level of investment in that Underlying Portfolio/Fund.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Conflicts of Interest:</font> Potential conflicts of interest situations could occur. For example, New York Life Investments may be subject to potential conflicts of interest in selecting the Underlying Portfolios/Funds because the fees paid to it and its affiliates by some Underlying Portfolios/Funds are higher than the fees paid by other Underlying Portfolios/Funds. In addition, the portfolio managers may have an incentive to select certain Underlying Portfolios/Funds due to compensation considerations. Moreover, a situation could occur where proper action for the Portfolio could be adverse to the interest of an Underlying Portfolio/Fund or vice versa.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">New York Life Investments and the portfolio managers have a fiduciary duty to the Portfolio to act in the Portfolio's best interests when selecting Underlying Portfolios/Funds. Under the oversight of the Portfolio&#8217;s Board of Trustees, New York Life Investments will carefully analyze any such situation and take all steps believed to be necessary to minimize and, where possible, eliminate potential conflicts.</p>
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Large Transaction Risk:</font> To minimize disruptions to the operations of the Portfolio and the Underlying Portfolios/Funds, New York Life Investments seeks to maintain existing target allocations and to implement small changes to target allocations through the netting of purchases and redemptions of Portfolio shares. When New York Life Investments determines to initiate a transaction with an Underlying Portfolio/Fund, New York Life Investments generally coordinates directly with the portfolio managers of the Underlying Portfolio/Fund to ensure that the transactions are accommodated efficiently and in a cost effective manner, including possibly implementing trades over a period of days rather than all at once. These practices may temporarily affect New York Life Investments' ability to fully implement the Portfolio's investment strategies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money. An investment in the Portfolio is not guaranteed, and you may experience losses. The Portfolio's level of risk will depend on its investment allocation in the Underlying Portfolios/Funds. Principal risks of the Underlying Portfolios/Funds which could adversely affect the performance of the Portfolio, may include:</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of an Underlying Portfolio/Fund's investments may change because of broad changes in the markets in which the Underlying Portfolio/Fund invests or poor security selection, which could cause the Underlying Portfolio/Fund to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Underlying Portfolio/Fund's manager or subadvisor may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Underlying Portfolio/Fund to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Underlying Portfolio/Fund.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Underlying Portfolio/Fund's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Underlying Portfolio/Fund manager or subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Underlying Portfolio/Fund&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">Interest rates in the United States are at, or near, historic lows, which may increase the Underlying Portfolio/Fund&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Underlying Portfolio/Fund to sell its bond holdings at a time when the manager or subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Underlying Portfolio/Fund&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of an Underlying Portfolio/Fund's investments in foreign securities. Foreign securities may also subject an Underlying Portfolio/Fund's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield
that can cushion stock prices in market downturns.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">High-Yield Securities Risk:Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by an Underlying Portfolio/Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Underlying Portfolio/Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, the Portfolio could pay more than the market value when buying Underlying Portfolio/Fund shares or receive less than the market value when selling Underlying Portfolio/Fund shares. Liquidity risk may also refer to the risk that an Underlying Portfolio/Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, an Underlying Portfolio/Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Related and Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-related securities and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of an Underlying Portfolio/Fund's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise and increase the potential for the Underlying Portfolio/Fund to lose money. The ability of an Underlying Portfolio/Fund to successfully utilize these instruments may depend on the ability of the Underlying Portfolio/Fund's manager or subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. The value of these securities may be significantly affected by changes in interest rates, the market's perception of the issuers, and the creditworthiness of the parties involved.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Real Estate Investment Trust ("REIT") Risk:</font> Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Short Sales Risk:</font> If a security sold short increases in price, an Underlying Portfolio/Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. An Underlying Portfolio/Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. An Underlying Portfolio/Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, an Underlying Portfolio/Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. By investing the proceeds received from selling securities short, an Underlying Portfolio/Fund is employing a form of leverage which creates special risks.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The Underlying Portfolio/Fund may also be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Underlying Portfolio/Fund may be required to pay in connection with the short sale.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt;
font-weight: normal;"><font style="font-family: times new roman,times;">Until an Underlying Portfolio/Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Underlying Portfolio/Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Underlying Portfolio/Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Underlying Portfolio/Fund may not be able to substitute or sell the pledged collateral. Additionally, an Underlying Portfolio/Fund must maintain sufficient liquid assets (less any additional collateral pledged to or held by the broker), marked-to-market daily, to cover the short sale obligation. This may limit an Underlying Portfolio/Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot go below zero.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Underlying Portfolio/Fund's portfolio manager believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the performance of Underlying Portfolio/Funds that invest in value stocks may be lower or higher than that of funds that invest in other types of equity securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Asset Allocation Risk:</font> Although allocation among different asset classes generally limits the Portfolio's exposure to the risks of any one class, the risk remains that New York Life Investments may favor an asset class that performs poorly relative to the other asset classes. For example, deteriorating stock market conditions might cause an overall weakness in the market that reduces the absolute level of stock prices in that market. Under these circumstances, if the Portfolio, through its holdings of Underlying Portfolios/Funds, were invested primarily in stocks, it would perform poorly relative to a portfolio invested primarily in bonds. Similarly, the portfolio managers of the Underlying Portfolios/Funds could be incorrect in their analysis of economic trends, countries, industries, companies, the relative attractiveness of asset classes or other matters. Moreover, because the Portfolio has set limitations on the amount of assets that may be allocated to each asset class, the Portfolio has less flexibility in its investment strategy than mutual funds that are not subject to such limitations. In addition, the asset allocations made by the Portfolio may not be ideal for all investors and may not effectively increase returns or decrease risk for investors.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Concentration Risk:</font> To the extent that the Portfolio invests a significant portion of its assets in a single Underlying Portfolio/Fund, it will be particularly sensitive to the risks associated with that Underlying Portfolio/Fund and changes in the value of that Underlying Portfolio/Fund may have a significant effect on the net asset value of the Portfolio. Similarly, the extent to which an Underlying Portfolio/Fund invests more than 25% of its assets in a single industry or economic sector may also adversely impact the Portfolio, depending on the Portfolio's level of investment in that Underlying Portfolio/Fund.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Conflicts of Interest:</font> Potential conflicts of interest situations could occur. For example, New York Life Investments may be subject to potential conflicts of interest in selecting the Underlying Portfolios/Funds because the fees paid to it and its affiliates by some Underlying Portfolios/Funds are higher than the fees paid by other Underlying Portfolios/Funds. In addition, the portfolio managers may have an incentive to select certain Underlying Portfolios/Funds due to compensation considerations. Moreover, a situation could occur where proper action for the Portfolio could be adverse to the interest of an Underlying Portfolio/Fund or vice versa.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">New York Life Investments and the portfolio managers have a fiduciary duty to the Portfolio to act in the Portfolio's best interests when selecting Underlying Portfolios/Funds. Under the oversight of the Portfolio&#8217;s Board of Trustees, New York Life Investments will carefully analyze any such situation and take all steps believed to be necessary to minimize and, where possible, eliminate potential conflicts.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Large Transaction Risk:</font> To minimize disruptions to the operations of the Portfolio and the Underlying Portfolios/Funds, New York Life Investments seeks to maintain existing target allocations and to implement small changes to target allocations through the netting of purchases and redemptions of Portfolio shares. When New York Life Investments determines to initiate a transaction with an Underlying Portfolio/Fund, New York Life Investments generally coordinates directly with the portfolio managers of the Underlying Portfolio/Fund to ensure that the transactions are accommodated efficiently and in a cost effective manner, including possibly implementing trades over a period of days
rather than all at once. These practices may temporarily affect New York Life Investments' ability to fully implement the Portfolio's investment strategies.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisors may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Portfolio&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">Interest rates in the United States are at, or near, historic lows, which may increase the Portfolio&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Portfolio to sell its bond holdings at a time when the Subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Portfolio&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">Additional risks associated with an investment in the Portfolio include the following: (i) not all U.S. government securities are insured or guaranteed by the U.S. government&#8212;some are backed only by the issuing agency, which must rely on its own resources to repay the debt; and (ii) the Portfolio's yield will fluctuate with changes in short-term interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower or higher than that of funds that invest in other types of equity securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family:
sans-serif; font-weight: bold;">Floating Rate Loans Risk:</font> The floating rate loans in which the Portfolio invests are usually rated below investment grade (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. Moreover, such securities may, under certain circumstances, be less liquid than higher quality debt securities. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the Portfolio's investments in floating rate loans are more likely to decline.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Backed/Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-backed and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of the Portfolio's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise, increasing the potential for the Portfolio to lose money. The value of these securities may be significantly affected by changes in interest rates, the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Portfolio to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Mortgage Dollar Roll Transaction Risk: </font>A mortgage dollar roll is a transaction in which the Portfolio sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Portfolio at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">TBA Securities Risk:</font> In a TBA securities transaction, the Portfolio commits to purchase certain securities for a fixed price at a future date. The principal risks are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Portfolio receives the security.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of the Portfolio's investments in foreign securities. Foreign securities may also subject the Portfolio's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Convertible Securities Risk:</font> Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. If an issuer stops making interest and/or principal payments, the Portfolio could lose its entire investment.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Swap transactions tend to shift the Portfolio's investment exposure from one type of investment to another, and therefore entail the risk that a party will default on its payment obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option. Forward commitments entail the risk that the instrument may
be worth less when it is issued or received than the price the Portfolio agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Portfolio.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by the Portfolio that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Portfolio may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying Portfolio shares or receive less than the market value when selling Portfolio shares. Liquidity risk may also refer tothe risk that the Portfolio may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, the Portfolio may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money. An investment in the Portfolio is not guaranteed, and you may experience losses. The Portfolio's level of risk will depend on its investment allocation in the Underlying Portfolios/Funds. Principal risks of the Underlying Portfolios/Funds which could adversely affect the performance of the Portfolio, may include:</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of an Underlying Portfolio/Fund's investments may change because of broad changes in the markets in which the Underlying Portfolio/Fund invests or poor security selection, which could cause the Underlying Portfolio/Fund to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Underlying Portfolio/Fund's manager or subadvisor may not produce the desired results.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Underlying Portfolio/Fund to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Underlying Portfolio/Fund.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Underlying Portfolio/Fund's holdings. Opportunity for greater gain often comes with greater risk of loss.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Debt Securities Risk:</font> The risks of investing in debt securities include (without limitation): (i) credit risk, i.e., the issuer may not repay the loan created by the issuance of that debt security; (ii) maturity risk, i.e., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, i.e., low demand for debt securities may negatively impact their price; (iv) interest rate risk, i.e., when interest rates go up, the value of a debt security goes down, and when interest rates go down, the value of a debt security goes up; (v) selection risk, i.e., the securities selected by the Underlying Portfolio/Fund manager or subadvisor may underperform the market or other securities selected by other funds; and (vi) call risk, i.e., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Underlying Portfolio/Fund&#8217;s income if the proceeds are reinvested at lower interest rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Interest rates in the United States are at, or near, historic lows, which may increase the Underlying Portfolio/Fund&#8217;s exposure to risks associated with rising rates. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Underlying Portfolio/Fund to sell its bond holdings at a time when the manager or subadvisor might wish to sell. Decreased market liquidity also may make it more difficult to value some or all of the Underlying Portfolio/Fund&#8217;s bond holdings. Please see &#8220;Liquidity and Valuation Risk&#8221; below for more information.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Foreign Securities Risk:</font> Investments in foreign securities may be riskier than investments in U.S. securities. Differences between U.S. and foreign regulatory regimes and securities markets, including less stringent investor protections and disclosure standards of some foreign markets, less liquid trading markets and political and economic developments in foreign countries, may affect the value of an Underlying Portfolio/Fund's investments in foreign securities. Foreign securities may also subject an Underlying Portfolio/Fund's investments to changes in currency rates. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Growth Stock Risk:</font> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an
absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">High-Yield Securities Risk:</font> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are sometimes considered speculative because they present a greater risk of loss than higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Liquidity and Valuation Risk:</font> Securities purchased by an Underlying Portfolio/Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to obtain an accurate price for a security. If market conditions make it difficult to value securities, the Underlying Portfolio/Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, the Portfolio could pay more than the market value when buying Underlying Portfolio/Fund shares or receive less than the market value when selling Underlying Portfolio/Fund shares. Liquidity risk may also refer to the risk that an Underlying Portfolio/Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests, an Underlying Portfolio/Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mid-Cap and Small-Cap Stock Risk:</font> Stocks of mid-cap and small-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Smaller capitalization companies may be more vulnerable to adverse business or market developments.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Mortgage-Related and Asset-Backed Securities Risk:</font> Prepayment risk is associated with mortgage-related securities and asset-backed securities. If interest rates fall, the underlying debt may be repaid ahead of schedule, reducing the value of an Underlying Portfolio/Fund's investments. If interest rates rise, there may be fewer prepayments, which would cause the average bond maturity to rise and increase the potential for the Underlying Portfolio/Fund to lose money. The ability of an Underlying Portfolio/Fund to successfully utilize these instruments may depend on the ability of the Underlying Portfolio/Fund's manager or subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. The value of these securities may be significantly affected by changes in interest rates, the market's perception of the issuers, and the creditworthiness of the parties involved.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Real Estate Investment Trust ("REIT") Risk:</font> Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes and changes in interest rates. Additionally, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Short Sales Risk:</font> If a security sold short increases in price, an Underlying Portfolio/Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. An Underlying Portfolio/Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. An Underlying Portfolio/Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, an Underlying Portfolio/Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. By investing the proceeds received from selling securities short, an Underlying Portfolio/Fund is employing a form of leverage which creates special risks.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Underlying Portfolio/Fund may also be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or
expenses the Underlying Portfolio/Fund may be required to pay in connection with the short sale.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Until an Underlying Portfolio/Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Underlying Portfolio/Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Underlying Portfolio/Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Underlying Portfolio/Fund may not be able to substitute or sell the pledged collateral. Additionally, an Underlying Portfolio/Fund must maintain sufficient liquid assets (less any additional collateral pledged to or held by the broker), marked-to-market daily, to cover the short sale obligation. This may limit an Underlying Portfolio/Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security&#8217;s value cannot go below zero.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Value Stock Risk:</font> Value stocks may never reach what the Underlying Portfolio/Fund's portfolio manager believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the performance of Underlying Portfolio/Funds that invest in value stocks may be lower or higher than that of funds that invest in other types of equity securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Asset Allocation Risk:</font> Although allocation among different asset classes generally limits the Portfolio's exposure to the risks of any one class, the risk remains that New York Life Investments may favor an asset class that performs poorly relative to the other asset classes. For example, deteriorating stock market conditions might cause an overall weakness in the market that reduces the absolute level of stock prices in that market. Under these circumstances, if the Portfolio, through its holdings of Underlying Portfolios/Funds, were invested primarily in stocks, it would perform poorly relative to a portfolio invested primarily in bonds. Similarly, the portfolio managers of the Underlying Portfolios/Funds could be incorrect in their analysis of economic trends, countries, industries, companies, the relative attractiveness of asset classes or other matters. Moreover, because the Portfolio has set limitations on the amount of assets that may be allocated to each asset class, the Portfolio has less flexibility in its investment strategy than mutual funds that are not subject to such limitations. In addition, the asset allocations made by the Portfolio may not be ideal for all investors and may not effectively increase returns or decrease risk for investors.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Concentration Risk:</font> To the extent that the Portfolio invests a significant portion of its assets in a single Underlying Portfolio/Fund, it will be particularly sensitive to the risks associated with that Underlying Portfolio/Fund and changes in the value of that Underlying Portfolio/Fund may have a significant effect on the net asset value of the Portfolio. Similarly, the extent to which an Underlying Portfolio/Fund invests more than 25% of its assets in a single industry or economic sector may also adversely impact the Portfolio, depending on the Portfolio's level of investment in that Underlying Portfolio/Fund.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Conflicts of Interest:</font> Potential conflicts of interest situations could occur. For example, New York Life Investments may be subject to potential conflicts of interest in selecting the Underlying Portfolios/Funds because the fees paid to it and its affiliates by some Underlying Portfolios/Funds are higher than the fees paid by other Underlying Portfolios/Funds. In addition, the portfolio managers may have an incentive to select certain Underlying Portfolios/Funds due to compensation considerations. Moreover, a situation could occur where proper action for the Portfolio could be adverse to the interest of an Underlying Portfolio/Fund or vice versa.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">New York Life Investments and the portfolio managers have a fiduciary duty to the Portfolio to act in the Portfolio's best interests when selecting Underlying Portfolios/Funds. Under the oversight of the Portfolio&#8217;s Board of Trustees, New York Life Investments will carefully analyze any such situation and take all steps believed to be necessary to minimize and, where possible, eliminate potential conflicts.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Large Transaction Risk:</font> To minimize disruptions to the operations of the Portfolio and the Underlying Portfolios/Funds, New York Life Investments seeks to maintain existing target allocations and to implement small changes to target allocations through the netting of purchases and redemptions of Portfolio shares. When New York Life Investments determines to initiate a transaction with an Underlying Portfolio/Fund, New
York Life Investments generally coordinates directly with the portfolio managers of the Underlying Portfolio/Fund to ensure that the transactions are accommodated efficiently and in a cost effective manner, including possibly implementing trades over a period of days rather than all at once. These practices may temporarily affect New York Life Investments' ability to fully implement the Portfolio's investment strategies.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Loss of Money Risk:</font> Before considering an investment in the Portfolio, you should understand that you could lose money.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Market Changes Risk:</font> The value of the Portfolio's investments may change because of broad changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar objectives. From time to time, markets may experience periods of acute stress that may result in increased volatility. Such market conditions tend to add significantly to the risk of short-term volatility in the net asset value of the Portfolio's shares.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Management Risk:</font> The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Equity Securities Risk:</font> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">S&amp;P 500</font><font style="font-family: sans-serif; font-weight: bold;"><sup><sup>&#174;</sup></sup></font><font style="font-family: sans-serif; font-weight: bold;"> Index Risk:</font> If the value of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index declines, the net asset value of shares of the Portfolio will also decline. The Portfolio's ability to mirror the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>Index may be affected by, among other things, transaction costs; changes in either the composition of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>Index or the number of shares outstanding for the components of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>Index; and the timing and amount of contributions to, and redemptions from, the Portfolio by shareholders.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Derivatives Risk:</font> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Portfolio to lose more money than it would have lost had it invested in the underlying instrument. Derivatives may be difficult to sell, unwind or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to honor its contractual obligations to the Portfolio. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate perfectly to the underlying instrument. Futures also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying security, the Portfolio may not be able to profitably exercise an option and may lose its entire investment in an option.</p><div><b>Past Performance</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div><b>Past Performance</b></div><div><font size="2"><b>Past Performance</b></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Past Performance</b></font></div><div><b>Past Performance</b></div><div><font style="font-family: times new roman,times;" size="2"><b>Past Performance</b></font></div><div><font size="2"><b>Past Performance</b></font></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div><b>Past Performance</b></div><div><b>Past Performance</b></div><div><font style="font-family: times new roman,times;" size="2"><b>Past Performance</b></font></div><div><b>Past Performance</b></div><div><b>Past Performance</b></div><div><b>Past Performance</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div><b>Past Performance</b></div><div><b>Past Performance</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div><b>Past Performance</b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div><b><font size="2">Past Performance</font></b></div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Past Performance</div><div style="text-align: left; font-style: normal; text-indent: 2.9pt; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2"><b>Past Performance</b></font></div><div><b><font style="font-family: times new roman,times;" size="2">Past Performance</font></b></div><div><font style="font-family: times new roman,times;" size="2"><b><font style="font-family: times new roman,times;">Past Performance</font></b></font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of two broad-based securities market indices. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Portfolio has selected the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index as a secondary benchmark. The Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index represents approximately 92% of the U.S. market.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Growth Index<font style="font-family: sans-serif; font-style: normal; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;companies with higher price-to-book ratios and higher forecasted growth values.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">Effective January 11, 2013, the Portfolio changed its subadvisor and revised its principal investment strategies. The past performance in the bar chart and table reflect the Portfolio's prior subadvisor and principal investment strategies.</p><div style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</div><div style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of two broad-based securities market indices. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Value Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index companies with lower price-to-book ratios and lower expected growth values. The Portfolio has selected the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index as a secondary benchmark. The S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered on June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of two broad-based securities market indices. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index consists of international stocks representing the developed world outside of North America. The Portfolio has selected the MSCI ACWI<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> (All Country World Index) Ex U.S. as a secondary benchmark. The MSCI ACWI<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States of America.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of two broad-based securities market indices. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Growth Index<font style="font-family: sans-serif; font-style: normal; font-size: 6pt; font-weight: normal;">&#160;</font>as its primary benchmark. The Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index companies with higher price-to-book ratios and higher forecasted growth values. The Portfolio has selected the Standard &amp; Poor&#8217;s 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index (&#8220;S&amp;P 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index&#8221;) as a secondary benchmark. The S&amp;P 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;"><font style="font-family: times new roman,times;" size="2">Performance for the Service Class shares, first offered June 6, 2003, includes historical performance of the Initial Class shares through June 5, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Since the Portfolio had not yet commenced operations as of the date of this Prospectus, no calendar year performance information is available.</font></div><div>Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</div><div><font size="2">Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</font></div><div>Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</div><div><font style="font-family: times new roman,times;" size="2">Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Bank of America Merrill Lynch All U.S. Convertible Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Bank of America Merrill Lynch All U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the Index, bonds and preferred stocks must be convertible only to common stock.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Russell 2500&#8482; Index <font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Russell 2500&#8482; Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as &#8220;smid&#8221; cap. The Russell 2500&#8482; Index is a subset of the Russell 3000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><div>The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-year period and for the life of the Portfolio compare to those of a broad-based securities market index, as well as two additional benchmarks. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Barclays U.S. Aggregate Bond Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"> </font>as its primary benchmark. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. The Portfolio has selected the Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index as a secondary benchmark. The Bank of America Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index represents the London InterBank Offered Rate ("LIBOR") with a constant 3-month average maturity. LIBOR is a composite of interest rates at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates. The Portfolio has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. The Portfolio commenced operations on April 29, 2011. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is a subset of the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index and includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index represents approximately 31% of the total market capitalization of the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index companies.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Credit Suisse High Yield Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Credit Suisse High Yield Index is a market-weighted index that includes publicly traded bonds rated below BBB by S&amp;P and Baa by Moody's.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Performance for the Service Class shares, first offered June 4, 2003, includes historical performance of the Initial Class shares through June 3, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a money market fund average. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Average Lipper Variable Products Money Market Portfolio is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market portfolios in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font size="2">Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font size="2">For current yield information, call toll-free: 800-598-2019.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one- and five-year periods and for the life of the Portfolio compare to those of two broad-based securities market indices, as well as a composite index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Value Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index companies with lower price-to-book ratios and lower forecasted growth values. The Portfolio has selected the Balanced Composite Index as a secondary benchmark. The Balanced Composite Index is comprised of the Russell Midcap<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Value Index and the Bank of America Merrill Lynch 1-10 Year U.S. Corporate &amp; Government Index weighted 60%/40%, respectively. The Portfolio has selected the Bank of America Merrill Lynch 1-10 Year U.S. Corporate &amp; Government Index as an additional benchmark. The Bank of America Merrill Lynch 1-10 Year U.S. Corporate &amp; Government Index is a market capitalization-weighted index including U.S. government and fixed coupon domestic investment grade corporate bonds.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio commenced operations on May 2, 2005. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one- and five-year periods and for the life of the Portfolio compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Credit Suisse Leveraged Loan Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, U.S. dollar denominated non-investment-grade loans.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio commenced operations on May 2, 2005. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Barclays U.S. Government Bond Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Barclays U.S. Government Bond Index consists of publicly issued debt of the U.S. Treasury and government agencies.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Performance for the Service Class shares, first offered June 4, 2003, includes historical performance of the Initial Class shares through June 3, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one- and five-year periods and for the life of the Portfolio compare to those of three broad-based securities market indices, as well as a composite index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Standard &amp; Poor&#8217;s 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index (&#8220;S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index&#8221;)<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Portfolio has selected the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index as a secondary benchmark. The MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index consists of international stocks representing the developed world outside of North America. The Portfolio has selected the Barclays U.S. Aggregate Bond Index as an additional benchmark. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. The Portfolio has selected the Conservative Allocation Composite Index as an additional benchmark. The Conservative Allocation Composite Index consists of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index, the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index and the Barclays U.S. Aggregate Bond Index weighted 35%, 5% and 60%, respectively.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The Portfolio commenced operations on February 13, 2006. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Barclays U.S. Aggregate Bond Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">Performance for the Service Class shares, first offered June 4, 2003, includes historical performance of the Initial Class shares through June 3, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one- and five-year periods and for the life of the Portfolio compare to those of two broad-based securities market indices, as well as a composite index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Standard &amp; Poor&#8217;s 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index (&#8220;S&amp;P 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index&#8221;)<font style="font-family: sans-serif; font-style: normal; font-size: 6pt; font-weight: normal;">&#160;</font>as its primary benchmark. The S&amp;P 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Portfolio has selected the MSCI EAFE<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index as a secondary benchmark. The MSCI EAFE<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index consists of international stocks representing the developed world outside of North America. The Portfolio has selected the Growth Allocation Composite Index as an additional benchmark. The Growth Allocation Composite Index consists of the S&amp;P 500<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index and the MSCI EAFE<font style="font-family: sans-serif; font-style: normal; font-weight: normal;"><sup><sup>&#174;</sup></sup></font>&#160;Index weighted 80% and 20%, respectively.</p><p style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-family: sans-serif; font-size: 10pt; text-align: left;">The Portfolio commenced operations on February 13, 2006. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one- and five-year periods and for the life of the Portfolio compare to those of three broad-based securities market indices, as well as a composite index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Standard &amp; Poor&#8217;s 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index (&#8220;S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index&#8221;)<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Portfolio has selected the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index as a secondary benchmark. The MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index consists of international stocks representing the developed world outside of North America. The Portfolio has selected the Barclays U.S. Aggregate Bond Index as an additional benchmark. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. The Portfolio has selected the Moderate Allocation Composite Index as an additional benchmark. The Moderate Allocation Composite Index consists of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index, the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index and the Barclays U.S. Aggregate Bond Index weighted 50%, 10% and 40%, respectively.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;">The Portfolio commenced operations on February 13, 2006. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of three broad-based securities market indices, as well as a composite index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the MSCI World Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Portfolio has selected the Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index as a secondary benchmark. The Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index represents approximately 92% of the U.S. market. The Portfolio has selected the Income Builder Composite Index as an additional benchmark. The Income Builder Composite Index is comprised of the MSCI World Index and the Barclays U.S. Aggregate Bond Index weighted 50%/50%, respectively. The Portfolio has selected the Barclays U.S. Aggregate Bond Index as an additional benchmark. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered June 4, 2003, includes historical performance of the Initial Class shares through June 3, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one- and five-year periods and for the life of the Portfolio compare to those of three broad-based securities market indices, as well as a composite index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the Standard &amp; Poor&#8217;s 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index (&#8220;S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index&#8221;)<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. The Portfolio has selected the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index as a secondary benchmark. The MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index consists of international stocks representing the developed world outside of North America. The Portfolio has selected the Barclays U.S. Aggregate Bond Index as an additional benchmark. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. The Portfolio has selected the Moderate Growth Allocation Composite Index as an additional benchmark. The Moderate Growth Allocation Composite Index consists of the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index, the MSCI EAFE<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index and the Barclays U.S. Aggregate Bond Index weighted 65%, 15% and 20%, respectively.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">The Portfolio commenced operations on February 13, 2006. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</font></p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">The following bar chart and tables indicate some of the risks of investing in the Portfolio. The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. The average annual total returns table shows how the Portfolio&#8217;s average annual total returns for the one-, five- and ten-year periods compare to those of a broad-based securities market index. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown. The Portfolio has selected the S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index<font style="font-style: normal; font-family: sans-serif; font-size: 6pt; font-weight: normal;"></font>as its primary benchmark. The S&amp;P 500<font style="font-style: normal; font-family: sans-serif; font-weight: normal;"><sup><sup>&#174;</sup></sup></font> Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;">Performance for the Service Class shares, first offered June 5, 2003, includes historical performance of the Initial Class shares through June 4, 2003, adjusted to reflect the fees and expenses of Service Class shares. Past performance is not necessarily an indication of how the Portfolio will perform in the future.</p><div><font style="font-family: times new roman,times;">&#160;The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div><font style="font-family: times new roman,times;" size="2">The bar chart shows you how the Portfolio's calendar year performance has&#160; varied over the last ten years. Separate account and policy charges are not&#160;reflected in the bar chart and table.</font></div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years.&#160;Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div><font style="font-family: times new roman,times;" size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years.&#160;Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div><font size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years.&#160;Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div><font size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio.&#160;Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div><font style="font-family: times new roman,times;" size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years.&#160;Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div>The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</div><div><font size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio.&#160;Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div><font style="font-family: times new roman,times;" size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div><font style="font-family: times new roman,times;" size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the life of the Portfolio. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div><font size="2">The bar chart shows you how the Portfolio's calendar year performance has varied over the last ten years. Separate account and policy charges are not reflected in the bar chart and table. If they were, returns would be less than those shown.</font></div><div><font style="font-family: times new roman,times;" size="2"><b>Annual Returns, Initial Class Shares</b><font style="color: #000000; font-family: sans-serif; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-weight: normal;">(by calendar year 2003-2012)</font></font></div><div><font size="2"><b>Annual Returns, Initial Class Shares</b><font style="color: #000000; font-family: sans-serif; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-weight: normal;">(by calendar year 2003-2012)</font></font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Annual Returns, Initial Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2003-2012)</font></div><div><font style="font-family: times new roman,times;" size="2"><b>Annual Returns, Initial Class Shares </b><font style="color: #000000; font-family: sans-serif; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-weight: normal;"><b>(</b>by calendar year 2003-2012)</font></font></div><div><font style="font-family: times new roman,times;" size="2"><b>Annual Returns, Initial Class Shares</b> (by calendar year 2003-2012)</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Annual Returns, Initial Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2003-2012) </font></div><div><b>Annual Returns, Initial Class Shares</b><font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2003-2012)</font></div><div><b>Annual Returns, Service Class Shares</b> <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2012)</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Annual Returns, Initial Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2003-2012)</font></div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Annual Returns, Initial Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2003-2012)</font></font></div><p><b>Annual Returns, Initial Class Shares </b>(by calendar year 2003-2012)<b></b></p><div>
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font size="2">Annual Returns, Service Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2006-2012)</font></font></div>
</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Annual Returns, Service Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2006-2012)</font></div><div><font style="font-family: times new roman,times;" size="2"><b>Annual Returns, Initial Class Shares</b> (by calendar year 2003-2012)</font></div><div><b>Annual Returns, Service Class Shares</b> (by calendar year 2007-2012)</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Annual Returns, Initial Class Shares <font style="font-style: normal; font-family: sans-serif; font-weight: normal;">(by calendar year 2003-2012)</font></div><div><b>Annual Returns, Service Class Shares</b> (by calendar year 2007-2012)</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: 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<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">15.26%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-21.62%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 70.64%; height: 83px; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">1Q/12</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">16.18%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</div>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-20.82%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">15.90%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-22.19%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 62.78%; height: 109px; clear: both;" cellspacing="0" cellpadding="0">
<tr style="font-size: 1pt;">
<td style="width: 61.54%;">&#160;</td>
<td style="width: 29.49%;">&#160;</td>
<td style="width: 8.98%;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">17.53%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/11</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-18.93%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
</table><table style="text-transform: none; text-indent: 0px; width: 89%; font-family: 'times new roman'; letter-spacing: normal; clear: both; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font-size: 1pt;">
<td style="width: 1034px;">&#160;</td>
<td style="width: 495px;">&#160;</td>
<td style="width: 150px;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">1Q/12</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">17.24%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-22.96%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 63.89%; height: 114px; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">15.78%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-17.90%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 70.81%; height: 91px; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">24.21%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-28.42%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">1Q/12</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">5.00</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/12</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">0.91</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">20.89%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-25.49%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="text-transform: none; text-indent: 0px; width: 89%; font-family: 'times new roman'; letter-spacing: normal; clear: both; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">17.22%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-17.83%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
</table><table style="width: 65.02%; height: 103px; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">1Q/07</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">1.22%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/10</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">0.00%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">13.47%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-13.00%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr style="font-size: 1pt;">
<td style="width: 61.54%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td>
<td style="width: 29.49%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td>
<td style="width: 8.98%;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Best Quarter</font></p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">2Q/09</font></p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">12.56<font style="font-family: times new roman,times;" size="2">%</font></font></p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Worst Quarter</font></p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;"><font style="font-family: times new roman,times;" size="2">&#160;</font></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">4Q/08</font></p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">-18.53<font style="font-family: times new roman,times;" size="2">%</font></font></p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"></font>&#160;</p>
</td>
</tr>
</table><table style="text-transform: none; text-indent: 0px; width: 89%; font-family: 'times new roman'; letter-spacing: normal; clear: both; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr><td style="border-bottom-width: 0.75pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;" colspan="2"><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-align: left;">Best Quarter</p></td><td style="border-bottom-width: 0.75pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 1pt; vertical-align: top;">&#160;</td></tr><tr><td style="border-bottom-width: 0.25pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: left;">4Q/08</p></td><td style="border-bottom-width: 0.25pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: right;">6.65</p></td><td style="border-bottom-width: 0.25pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: left;">%</p></td></tr><tr><td style="border-bottom-width: 0.75pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;" colspan="2"><p style="font-family: sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-align: left;">Worst Quarter</p></td><td style="border-bottom-width: 0.75pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 1pt; vertical-align: top;">&#160;</td></tr><tr><td style="border-bottom-width: 0.25pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: left;">2Q/04</p></td><td style="border-bottom-width: 0.25pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: right;">-2.74</p></td><td style="border-bottom-width: 0.25pt; border-bottom-color: #000000; border-bottom-style: solid; vertical-align: bottom;"><p style="font-family: sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-align: left;">%</p></td></tr></table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr style="font-size: 1pt;">
<td style="width: 61.54%;">&#160;</td>
<td style="width: 29.49%;">&#160;</td>
<td style="width: 8.98%;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">10.08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-9.69</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
</table><table style="width: 67.35%; height: 91px; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4.67%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</div>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/04</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-2.39%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">16.07</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-20.84</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
</table><table style="text-transform: none; text-indent: 0px; width: 89%; font-family: 'times new roman'; letter-spacing: normal; clear: both; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="font-size: 1pt;">
<td style="width: 824px;">&#160;</td>
<td style="width: 395px;">&#160;</td>
<td style="width: 120px;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">12.13</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</p>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-13.37</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">%</div>
</td>
</tr>
</table><table style="width: 61.08%; height: 95px; clear: both;" cellspacing="0" cellpadding="0">
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">3Q/10</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">10.26%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;"></td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-14.14%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><table style="width: 89%; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; mso-padding-alt: 0in 0in 0in 0in;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0">
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .75pt; padding: 0in;" valign="bottom" colspan="2">
<p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2"><b>Best Quarter</b></font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .75pt; padding: 0in;" valign="top">
<p style="line-height: normal; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">&#160;</font></p>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .25pt; padding: 0in;" valign="bottom">
<p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2">2Q/09</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .25pt; padding: 0in;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2">14.45</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .25pt; padding: 0in;" valign="bottom">
<p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2">%</font></p>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .75pt; padding: 0in;" valign="bottom" colspan="2">
<p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2"><b>Worst Quarter</b></font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .75pt; padding: 0in;" valign="top">
<p style="line-height: normal; margin: 0in 0in 0pt;" class="msonormal"><font style="font-family: times new roman,times;" size="2">&#160;</font></p>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .25pt; padding: 0in;" valign="bottom">
<p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2">4Q/08</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .25pt; padding: 0in;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2">-17.95</font></p>
</td>
<td style="border-bottom: black 1pt solid; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8; mso-border-bottom-alt: solid black .25pt; padding: 0in;" valign="bottom">
<p style="line-height: normal; margin: 0in 0in 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;" class="msonormal"><font style="font-family: times new roman,times;" size="2">%</font></p>
</td>
</tr>
</table><table style="width: 89%; clear: both;" cellspacing="0" cellpadding="0" >
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Best Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">2Q/09</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">15.85%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.75pt solid; vertical-align: bottom;" colspan="2">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: bold;">Worst Quarter</p>
</td>
<td style="border-bottom: #000000 0.75pt solid; font-size: 1pt; vertical-align: top;">&#160;</td>
</tr>
<tr>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">4Q/08</p>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: right; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">-21.92%</div>
</td>
<td style="border-bottom: #000000 0.25pt solid; vertical-align: bottom;">
<div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;">&#160;</div>
</td>
</tr>
</table><b>Average Annual Total Returns</b> (for the periods ended December 31, 2012)<div><font style="font-family: times new roman,times;" size="2"><b><font style="text-align: left; text-transform: none; text-indent: 0px; font: bold 13px sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px;">Average Annual Total Returns</font>&#160;</b>(for the periods ended December 31, 2012)</font></div><div><font style="color: #000000; font-family: sans-serif; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-weight: bold;"><font style="color: #000000; font-family: sans-serif; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-weight: bold;"></font></font><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;"><font style="font-family: sans-serif; font-weight: bold;"></font></font><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</div></div></div><div><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</div><div><font style="font-family: times new roman,times;" size="2"><font style="color: #000000; font-family: sans-serif; font-size: 13.63636302947998px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-weight: bold;">Average Annual Total Returns</font>&#160;(for the periods ended December 31, 2012)</font></div><div><font style="font-family: times new roman,times;" size="2"><b>Average Annual Total Returns</b> (for the periods ended December 31, 2012)</font></div><div><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><div style="font-family: sans-serif; font-size: 10.0pt; font-style: normal; font-weight: normal; text-align: left;"><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><div><font size="2"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><div><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</font></div><div><font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</font></font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><div><font style="font-family: times new roman,times;" size="2"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</font></div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><div><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</div><p style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 10pt; font-weight: normal;"><font style="font-family: sans-serif; font-weight: bold;">Average Annual Total Returns</font> (for the periods ended December 31, 2012)</p><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/MarketIndexPerformanceData column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009436Member column dei_LegalEntityAxis compact cik0000887340_S000009436Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPCornerstoneGrowthPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009425Member column dei_LegalEntityAxis compact cik0000887340_S000009425Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact 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dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009430Member column dei_LegalEntityAxis compact cik0000887340_S000009430Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPConvertiblePortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009427Member column dei_LegalEntityAxis compact cik0000887340_S000009427Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPUSSmallCapPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009431Member column dei_LegalEntityAxis compact cik0000887340_S000009431Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPUnconstrainedBondPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000031904Member column dei_LegalEntityAxis compact cik0000887340_S000031904Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPMidCapCorePortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009432Member column dei_LegalEntityAxis compact cik0000887340_S000009432Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ 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cik0000887340_SummaryS000009437Member column dei_LegalEntityAxis compact cik0000887340_S000009437Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPFloatingRatePortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009438Member column dei_LegalEntityAxis compact cik0000887340_S000009438Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPGovernmentPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummayS000009446Member column dei_LegalEntityAxis compact cik0000887340_S000009446Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPConservativeAllocationPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009439Member column dei_LegalEntityAxis compact cik0000887340_S000009439Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPBondPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009445Member column dei_LegalEntityAxis compact cik0000887340_S000009445Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPModerateAllocationPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009441Member column dei_LegalEntityAxis compact cik0000887340_S000009441Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPIncomeBuilderPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009444Member column dei_LegalEntityAxis compact cik0000887340_S000009444Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPModerateGrowthAllocationPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009442Member column dei_LegalEntityAxis compact cik0000887340_S000009442Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPSP500IndexPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009443Member column dei_LegalEntityAxis compact cik0000887340_S000009443Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style='display: none;'> ~ http://www.mainstayinvestments.com/role/ScheduleAverageAnnualTotalReturnsVPGrowthAllocationPortfolioTransposed column dei_DocumentInformationDocumentAxis compact cik0000887340_SummaryS000009440Member column dei_LegalEntityAxis compact cik0000887340_S000009440Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div><div style="text-align: left; font-style: normal; font-family: sans-serif; font-size: 8pt; font-weight: normal;"><font style="font-family: times new roman,times;" size="2">7-day current yield Initial Class: 0.01%</font></div>0.00550.00550.00700.00700.01200.01200.00810.00810.00760.00760.00890.00890.00740.00740.01400.00500.00800.00800.00730.00730.00550.00550.00890.00600.00600.00790.00790.00600.00560.00560.00850.00850.00440.00700.00500.00500.006000.00490.0049000.00570.005700.00250.002500.002500.002500.002500.002500.002500.002500.00250.00250.002500.00250.0025000.0025000.002500.00250.002500.002500.002500.002500.00250.00250.002500.00250.00250.002500.00250.002500.00250.00630.00050.00200.00070.00130.00040.00040.00040.00040.00200.00200.00050.00050.00030.00030.00060.00060.00040.00040.00960.00120.00040.00040.00070.00070.00040.00040.00050.00040.00040.00040.00040.00050.00030.00030.00040.00040.00030.00080.00040.00040.00050.00030.00040.00040.00040.00030.00070.00070.00030.00040.00040.00030.00030.00040.00010.00010.00010.00850.01140.00980.01060.00590.00840.00740.00990.01430.01680.00860.01110.00790.01040.00950.01200.00780.01030.02650.00870.00840.01090.01050.00800.00590.00840.00940.00640.00890.00830.01080.00900.00590.00840.00900.01150.00470.01040.00540.00790.00900.01130.00530.00780.01430.01260.00640.00890.01340.00290.0054-0.0006-0.0005-0.0005-0.0001-0.0001-0.0005-0.00050.00810.00790.01040.00580.00830.00850.011060867610114617188113811069712280105268838110610782598596659185110926086871124810655819211554801461286591136305518926823731545253027435325233130338124932882327226334233425518826730020528426534328718926828236015133117325228735917024945240020528442593173329466411547782913477612439574525660433569476461596579444328465520357493460